When we think of Olivia Wilde many words come to mind – sexy, colorful, playful, simple, and sophisticated. We think she just does a supreme job of looking totally hot, young, and fresh while still keeping everything under wraps. Her gown at the 17th Annual Elton John AIDS Foundation Academy Award Viewing Party was no different.

So how does she do it? She keeps cuts simple to add sophistication but plays with colors to keep things new. She nearly always adds some sparkle with a few well placed diamonds to evoke some Old Hollywood spirit. Then she adds just a little sex appeal with a hot neckline or low back but never lets it get to be too much. Lastly, she funks it up a bit with accessories like clutches and shoes. When in doubt, Ralph Lauren is a great go-to designer to achieve a look like Olivia's.

• Ralph Lauren gown, $1598; Saks

• Daniel Swarovski clutch, $1460; Neiman Marcus

Via Style.com