On May 7, dust off your hats and seersucker suits…this party is for the ladies and the gentlemen. Though most of us will not be sitting on Millionaire’s Row during this year’s Kentucky Derby, we will enjoy the traditions, the fabulous and ridiculous hats and betting against all odds. Though they call it the “greatest two minutes in sports,” with the party ideas below, you’ll be celebrating more than just two minutes.

Color: red, white and green

Decor: DIY Run for the Roses centerpiece following instructions from Hostess with the Mostess. Or, opt for low, white hydrangea arrangements in mint julep style cups and large tall arrangements of red roses in a large trophy. Red Ribbon DIY wreath on the front door to greet guests.  Bar of Bourbon and Whiskey for the gentlemen arranged in an antique wagon or box.

Drinks: Mint Juleps, of course, served in the traditional julep cup. Also serve iced tea and lemonade.

Place cards: Pony-size horseshoes (you can purchase from your local horseshoe manufacturer) with a small hang tag with your guest’s name.

Food: Kentucky favorite, fried chicken, Paula Deen-style. Bobby Flay’s Kentucky Hot Browns. If you’re not a fan of the mint julep cocktail, try a mint julep cupcake, courtesy of Hostess with the Mostess. Bourbon Ball French Toast, from Bobby Flay. Derby Cheese Hat and Chocolate-Bourbon Pecan Pie by Southern Living.

Atmosphere: Kentucky Derby on the television. Play My Old Kentucky Home song in the background.

Don’t forget about those fantastic hats. Remind your friends to wear their most fabulous hat accessory. For the best hat, award a DIY prize ribbon to the ladies, and for the best suit or brightest colored shirt, award a DIY trophy boutonniere for the men (by Postcards and Pretties).

{images via Kentucky Derby, Astor and Black, Elizabeth Anne Designs, Social Couture, The Food Network, Southern Living, The Knot, Hostess with the Mostess}