Who will win? Who will lose? And, most importantly, what will everyone wear?

It's that time of year again, time for the WWE Slammy Awards. Created by The Academy of Wrestling Arts & Sciences in 1986, WWE's Slammy Awards is arguably the squared circle's version of the Oscar -- only bigger. Nomination categories are chosen after much deliberation, and Slammys are awarded to the Superstars or Divas most deserving of these golden statues (in most cases, anyway). See categories...

The first Slammy Awards kicked off in 1986 and aired on MTV from Baltimore, Md. On that night, WWE Hall of Famer "Rowdy" Roddy Piper took home a Slammy Award for Best Personality in the "Land of 1,000 Dances" video. Other awards went to WWE Hall of Famer Junkyard Dog for Best Single Performer, and WWE Hall of Famer "Mean" Gene Okerlund for Best Commentator. The evening also showcased many WWE Superstars' musical abilities, as WWE Hall of Famer Jimmy Hart performed "Eat Your Heart Out, Rick Springfield," and Junkyard Dog performed "Grab Them Cakes."

The second Slammy Awards in 1987 originated from Caesars Palace in Atlantic City, N.J. That night, Hulk Hogan presented WWE Hall of Famer "Superstar" Billy Graham with the Real American Award. Other award winners were Miss Elizabeth for Manager of the Year, and "Hacksaw" Jim Duggan for Greatest Hit.  The musical performances at the 1987 Slammy Awards were notable for Jimmy Hart performing "Girls in Cars," all the WWE Superstars performing "If You Only Knew," and WWE Chairman Mr. McMahon performing "Stand Back."

After a nine-year hiatus, the Slammy Awards returned in 1996 from Anaheim, Calif. Shawn Michaels received multiple trophies including Best Slammin' Entrance and Master of the Mat." Bret "Hit Man" Hart picked up an award for Future Hall of Famer, an accolade he would achieve in 2007. However, the most emotional moment came when the late "Classy" Freddie Blassie was honored with a special Lifetime Achievement Award by Mr. McMahon.

In 1997, the Slammy's moved to Chicago, as a newcomer named Rocky Maivia picked up a Slammy for Best Sensation. Maivia would of course go on to greater heights as The Rock. Match of the Year went to Shawn Michaels and Bret Hart for WrestleMania XII,  and The Legendary Walter Payton presented the Star of the Highest Magnitude Award to Undertaker, one of three Slammy's he would win that evening. In another emotional moment, Lifetime Achievement Awards were given to WWE Hall of Famers Gorilla Monsoon and Arnold Skaaland.

The 2008 version of the Slammy Awards will be as much MTV Video Awards as Oscars in its feel and approach. Among the award categories that are keeping WWE Superstars and Divas awake at night as they await the announcement of official nominations are:  Superstar of the Year, Match of the Year, Diva of the Year, Best Musical Performance and Most Absurd or "DAMN" Moment of the Year, among others.

For all your Slammy Award updates, check back right here at WWE.com.