WATCH: Anne Hathaway & James Franco Do 'Grease'

Anne Hathaway and James Franco are busy preparing for their big night as Oscar co-hosts this Sunday. And while we'll have to wait a few more days to find out exactly what the multi-talented actors have planned, they are sharing a sneak peek at what's in store. In a new YouTube video, Hathaway and Franco re-enact the famous carnival scene from 1978's Grease, starring John Travolta and Olivia Newton-John. Though the song isn't playing in the video (which Franco posted on Twitter Wednesday), it's clear from the background -- and Hathaway's famous, skintight catsuit! -- that it's from the scene where Travolta and Newton-John sing "You're the One That I Want." Check out the 19-second clip below, and make sure you catch the Oscars telecast airing live Sunday, Feb. 27, at 8 p.m. ET (5 p.m. PT) on ABC.       Download iVillage's new Red Carpet Fever mobile app for the latest awards-show news and photos!Source: http://www.ivillage.com/watch-anne-hathaway-james-franco-do-grease/1-a-326136Anna Paquin AnnaLynne McCord Anne Marie Kortright April Scott Arielle Kebbel Ashanti Ashlee Simpson Ashley Greene Ashley Olsen Ashley Scott

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