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Happy tears is an understatement when speaking of Penelope Cruz's Oscar win last night...

Penelope Cruz and all of her fanáticos experienced an emotional victory after her name was announced for "Best Supporting Actress" in the hit Woody Allen film, "Vicky Cristina Barcelona." There is no doubt that Cruz injected realism into Maria Elena's mentally distressed character, and the pay-off for her hard-work was representing for España (and Woody's vision of course). Watch her acceptance speech backstage right below.

Her accomplishments are a dream come true. Speaking of sueños, her laced rose white gown designed by Pierre Balmain was heavenly! How proud do you think Javier Bardem must have been?!

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Tags Javier Bardem, Latinas, Movies, MTV, MTV NEws, Oscar Awards, Oscar Winners, Penelope Cruz, Tr3s, Tres, Vicky Christina Barcelona

Wondering what Penelope Cruz has in the works next?

The Spanish actress has received endless critical praise for her role in "Vicky Christina Barcelona," including the most recent Goya Award for "Best Supporting Actress." Penelope may play psychotic lover, Maria Elena just like Woody Allen envisioned, but the bella brunette is switching scripts and working on a new musical, "Nine" directed by Rob Marshall. The film weaves together a play within a play, and follows the complex romantic endeavors of director Guido Contini. Cruz is set to play the mistress Carla in the film.

MTV News caught-up with Penelope to find out more about her new role:

We all sing and dance. Its very scary because with singing there is no where to hide. People see your good and bad. You feel vulnerable, but its been a beautiful experience. We have one more month to go.

Sounds like a must-see movie already. Let's hope she wins the Oscar's on February 22nd! Keeping our fingers crossed...[MTV News]

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Tags Chisme, Exclusive, Hollywood, MTV NEws, MTV TRes, Nine, Oscars, Penelope Cruz, Vicky Christina Barcelona

"Slumdog Millionaire" was the major motion picture winner at last night's Screen Actors Guild Awards, and we are summing-up las estrellas who shined like a million bucks. Penelope Cruz didn't snag the SAG for "Best Supporting Actress" for "Vicky Christina Barcelona," but her elegant black halter dress designed by Azzedine Alaia was an instant winner. Fashionistas check out our latest face-off and decide who rocked it best!

Best Dressed Couple

"Entourage" co-stars Jerry Ferrara and Jamie-Lynn Sigler vs. lovebirds Tony Parker and Eva Longoria.

Best Red Lipstick Diva

"Seven Pounds" actress Rosario Dawson vs. "Ugly Betty" lead America Ferrera.

Best Classic-Grungy Look

"Rudo y Cursi" star Diego Luna vs. "Entourage" actor Jeremy Piven

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Tags America Ferrera, Chisme, Diego Luna, Eva Longoria, Fashion, MTV NEws, Penelope Cruz, SAG Awards, Tr3s, Tres

The Oscar nominations are in...

Penelope Cruz's has snagged the "Performance by an Actress in a Supporting Role"  for her convincing psychotic role as Maria Elena in "Vicky Christina Barcelona." She may have lost her award to Kate Winslet during the Golden Globes, but now the Spanish actress is competing against actresses like Marisa Tomei for "The Wrestler" and Taraji P. Henson for the age-defying drama, "The Curious Case of Benjamin Button." The mysterious flick, "Doubt" also received two noms in the category, but we are sure our Penelope has this one covered!

MTV News caught-up with the actress at the NY Film Critic's red carpet to discuss her role in Woody Allen's masterpiece:

As actors we can be very insecure at times because you don't know if it is what the director wants. The character was on the page, but it was all Woody's direction as well. He really had a great vision of who Maria Elena was suppose to be.

There is no question that she nailed the role. We think Penelope has this one sealed! Si o no? Check out a complete list of the Oscar nominations and predict who will win! [MTV News]

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Tags Actresses, Chisme, Hollywood, Latinas, Movies, Oscar Nominations, Penelope Cruz

Who said las estrellas weren't under-dressed at last night's 66th annual Golden Globes?! There is no doubt that the spanx were laced on tight as flawless formfitting dresses and cleavage-bustin' necklines dominated the red carpet, including Jennifer Lopez's eye-catching deep-plunge golden gown designed by Marchesa. The shimmer blinded us for a hot second, but we are making the ringless diva compete with Salma Hayek's muy sexy bust-line and Eva Mendes' textured Versace vestido. You decide the winner!

Best Dressed Disney Star

Miley Cyrus' Greek-goddess gown vs. Vanessa Hudgens' simple shimmery silhouette.

Best Dressed BFF

Salma Hayek's boobie-bustin' Dior dress vs. Penelope Cruz's classic Giorgio Armani gown.

Sharpest Male(s)

Red carpet player, Mario Lopez vs. The Jonas Brothers' retro elegance.

Best Silver Shoe Get-Up

America Ferrera's puffy Oscar de la Renta dress vs. Cameron Diaz's ultra-pink Chanel gown.

Best Dressed 'Eva Diva'

Eva Longoria's voluminous Oscar de la Renta vestido vs. Eva Mendes' classic Hollywood look.

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Tags America Ferrera, Cameron Diaz, Eva Mendes, Golden Globes, Jennifer Lopez, Mario Lopez, Penelope Cruz, Salma Hayek

BFF's aren't just reserved for Paris Hilton...

Salma Hayek and Penelope Cruz have remained close amigas who never hesitate to give each other their rightful props. The "Bandidas" co-stars are a classic double team on the silver screen and the red carpet. According to Latina, Salma recently proved her loyalty by publicly cheering for Penelope's Oscar win for "Vicky Cristina Barcelona." We don't think her prediction is far fetched at all. Check out our original MTV News clip where Penelope discusses her loca role and more right below!

Tags Chisme, Hollywood, Latinas, Oscar, Penelope Cruz, Salma Hayek

The Golden Globe nominations are in...

And they aren't just shining for Brangelina's "Changeling" and "The Curious Case of Benjamin Button." Our favorite underdog assistant for MODE magazine, Betty Suarez also managed to win over the Golden Globe judges. America Ferrera successfully snagged the nomination for "Best Performance by an Actress in a Television Series," but she will have to battle the suburban hustler Mary-Louise Parker on "Weeds" and Tina Fey's comedic scriptwriting on "30 Rock" first.

Penelope Cruz also snatched the coveted nomination for "Best Performance by an Actress in a Supporting Role in a Motion Picture" thanks to her crazy triple play performance in "Vicky Cristina Barcelona" (Her dark room scene with Scarlet Johanson says enough!). The threesome action also landed her longtime novio, Javier Bardem, on the top of the nominee list.

Felicidades to America and Penelope for holding their spot as the reigning reinas in Hollywood! Check out the complete list of Golden Globe nominations and keep it locked for more noticias aquí.

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Tags America Ferrera, Golden Globe, MTV, MTV NEws, Penelope Cruz, Tr3s, Tres

We have spotted Penelope Cruz selling her flawless beauty (and fierce long lashes) for L'Oreal Paris, but this Spanish diva refuses to consider herself a sell out. The "Volver" actress may be satisfying the mainstream crowd in Woody Allen's latest film "Vicky Cristina Barcelona," but Penelope is also returning to her roots by teaming-up with veteran director Pedro Almodovar.

Read more...

Tags Chisme, Gossip, Javier Bardem, Kisses, Latinas, Loreal Paris, Models, Pedro Almodovar, Penelope Cruz

Oye bilingual peeps, have you ever noticed that your body language changes as you switch from English to Spanish? Actor Javier Bardem also relates to our transnational ritmo and admits that his physical vibe changed when switching from one language to the other while filming “Vicky Cristina Barcelona.”

When I’m working in English there’s something that still goes ‘unk, clack’. When I’m working in my own language my body reacts in a different way. It opens up in a different way that is more kind of relaxed.

Bueno, we are feelin' Javier's body language no matter which way he turns! Speaking of body language, check out Javier and Penelope Cruz's chemistry during the premiere of Woody Allen's latest masterpiece right below the hood! [MTV News]

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Tags Gossip, Javier Bardem, MTV, Penelope Cruz, Vicky Cristina Barcelona, Woody Allen

Penelope Cruz and Javier Bardem do not play around when it comes to keeping their intimate lives private. Despite rumors claiming that the Spanish couple have gotten engaged, the two lovebirds are deciding to keep their romance under wraps.

An insider reveals that the co-stars flipped out when asked about their relationship at the "Vicki Cristina Barcelona" press junket this past Sunday. According to our chismoso, both actors were so pissed about the Q/A that two journalists were kicked out of the event!

¡Qué locura! I guess they are a match made in hell heaven after all.

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Tags Chisme, Gossip, Javier Bardem, Latinos, Penelope Cruz, Relationships