Webby Awards on ABCNEWS.com

— -- The Webby Awards show, a celebration of the Internet, begins at 7 p.m. PT. and at 10 p.m. ET. Wednesday July 18 and you can watch it live on ABCNEWS.com.

ABCNEWS.com's Web cast of the unique awards show will be hosted by ABCNEWS' Sam Donaldson. Tiffany Shlain, the founder of the Webby Awards, directs the event, often referred to as the "Oscars of the Internet." Shlain is also a regular contributor on ABCNEWS' Good Morning America. She reports on and reviews Web sites dedicated to investing, spirituality, humor, teens, love and more.

This years show takes place at San Francisco's War Memorial Opera House. Actor Alan Cumming (Anniversary Party, Spy Kids) will return this year to host the celebration.

The show will feature original films and animations, installation art and live performances. And unlike the Oscars, acceptance speeches are limited to five words or less.

This year, the show introduces a new award: The Lifetime Achievement award. It was created to honor an individual who has played an integral role in the creative, technical or professional progress of the Internet.

The Webby Awards nomineesand winners are selected by members of The International Academy of Digital Arts and Sciences (The Academy) from the best sites entered through the "Call for Entries" section of the Webby Awards site, and sites encountered in the judges experiences.

The International Academy of Digital Arts and Sciences was founded in April of 1998. It is based on the pre-existing Webby Awards' judging academy, which includes leading industry experts working to advance the electronic medium.

The People's Voice award is given to the Web site that gets the most online votes from people who surf the Web.