Hollywood's Brightest Stars, on Hollywood's Biggest Night

Feb. 22, 2007— -- The Academy Awards ceremonies mark the biggest night in show business, and some of the biggest names in this year's show sat down with Barbara Walters for the 26th edition of her annual Oscar special. This year, Walters features four stars who have taken enormous risks, and are reaping the rewards.

A decade ago, Ellen DeGeneres took a big risk when she told the world she was gay. Now the comedian finds herself hosting the biggest show in entertainment.

Watch the Barbara Walters Oscar Special Sunday, Feb. 25 at 7 p.m. ET, and immediately following the Academy Awards on the West Coast.

Just a few years ago, Jennifer Hudson risked auditioning for "American Idol" and lost. Now she's the front-runner in the best supporting actress category for her role in "Dreamgirls."

Helen Mirren risked her reputation to portray the icy and reserved Queen Elizabeth II, and she's now nominated for the best actress Oscar for "The Queen."

Eddie Murphy risked his leading man persona and paycheck to sing and dance, and take a supporting role in "Dreamgirls." For this risk, he was rewarded with the first Oscar nomination of his 26-year career.

Ellen DeGeneres told Walters that she discovered her career when she was a teenager, when she tried to cheer up her depressed mother after her parents' divorce.

"I think it was the first time I realized what kind of power humor has. You know, she's crying one minute, and then the next minute she's laughing hysterically, and I thought, that's amazing to be able to do that for people."

Like most comics of her era, an appearance on the Johnny Carson Show ultimately sealed the deal on her stardom. Her routine was based around a phone call to God, and she became the first female comedian invited to sit on the couch during a debut appearance.

"People talk about praying and talking to God all the time," recalled DeGeneres, "but I just thought it would be great if you could actually just reach God somehow, if you could just pick up the phone and call God."

By the time she was 36, DeGeneres had her own sitcom, "Ellen." Her character was straight, and while her show was a hit, it wasn't the real Ellen. DeGeneres might have continued on this track for a while had her movie career taken off. But her first big film, "Mr. Wrong," felt wrong to DeGeneres, and to audiences.

Many believe the film flopped because of rumors that Ellen was gay. Faced with a career crisis, Ellen made one of the most courageous decisions in television history: She came out in front of 36 million people.

"I would cry during rehearsal, because it was a huge thing to actually say," DeGeneres recalled. "And even after I came out, I was scared to death. … I still didn't want people to know, even though I'd said it. It really is about living your truth. That's all it is."