Sundance: Catching up with James Franco

Actor and upcoming Oscar co-host James Franco likes to keep people guessing. He's here at the Sundance Film Festival not exactly with a movie, but with an unusual project called "Three's Company: The Drama", a creative take on the '70s sitcom. It's an immersive experience featured in the New Frontier section at the festival.

James and I hung out to chat about the "Three's Company" installation, his chances for an Academy Award nomination, how preparations are going for his Oscars hosting gig, and why he was spotted at a Sundance party in a wig.

Some highlights from our chat:

–James told me he sported a long blonde wig as a tribute to the Chrissy character from "Three's Company" played by Suzanne Somers.
–Co-hosting the Oscars: So far, he and co-host Anne Hathaway have filmed promos. No rehearsals yet. They are planning to sing and dance.
–James wasn't amused by Ricky Gervais's performance as Golden Globes host. He thought Ricky's jokes were bad, old, and not to Franco's taste.
–He's trying not to stress over a potential Oscar nomination for his role in "127 Hours" - thinks Colin Firth (The King's Speech) is going to win the Academy Award anyway.
–How does he get it all done – art installations, acting, directing, co-hosting a major awards show? He only sleeps about 5 hours a night.

See more of my fascinating interview with James Franco Sunday on CNN and Monday on HLN's Showbiz Tonight.