James Franco, who will co-host the Oscar broadcast on February 27, is also a Best Actor nominee for his performance as adventurer Aron Ralston in 127 Hours. (He's one of two actors nominated for playing characters who lose an arm; the other is supporting actress nominee Hailee Steinfeld for True Grit. Which just goes to show that some will give a right arm for an award.)
Has it ever happened before that the Oscar host was also a nominee? At least three times, by Flickgrrl's reckoning: At the 11th Oscars, Frank Capra, then Academy president, took home a Best Director statuette for You Can't Take it With You. At the 45th annual statuette party, Michael Caine was a Best Actor nominee (for Sleuth), losing to Marlon Brando in The Godfather. At the 48th Oscars, co-host Walter Matthau was a best actor nominee for The Sunshine Boys and lost to Jack Nicholson in One Flew Over the Cuckoo's Nest.
Your thoughts on Franco's prospects as a host (alongside Anne Hathaway) and/or nominee? I think he's a charm machine and that he'll lose to Colin Firth (for The King's Speech).