As an officer of E!'s "Fashion Police," Giuliana Rancic is always on the lookout for the best designer trains -- and train wrecks.

So, StyleList wondered if Rancic worries about getting cited for her own red-carpet misdemeanors.

"I really don't," Rancic told us. "You're always going to have people who love and hate what you're wearing. And if everyone says, 'Ah, she looks nice,' I think you're playing it too safe."

Case in point: Her "Fashion Police" colleague Joan Rivers called Rancic out for wearing an Ema Savahl gown that was a tad too long to the Screen Actors Guild Awards. "I thought it was hilarious," Rancic says. "I guess it did need a hem, and my attitude is you're not going to please everyone."

Which explains why Rancic has decided to "go big" at this year's Oscars, where she will co-host E!'s live red-carpet coverage.

Rancic dialed up StyleList to give us the scoop on a typical red-carpet day and what she will and won't be wearing at the 2011 Academy Awards.

She's Going Semi-Nude: Since Rancic got hooked on the DDF Revolve 400, an at-home microdermabrasion system, she says her skin looks so great she can go without makeup, even on revealing HDTV. So Rancic is going foundation-free at the Oscars to prove her testimonials are true. "OK, I'm a little nervous," she admits about her pledge. "But I swear to you my skin looks good enough to commit."

She will wear powder, blush and "lots of lip gloss," "but it's safe to say Ryan Seacrest will be wearing more foundation than I will."

She's Wearing a Runway Look: After telling StyleList she was leaning toward a frock by accomplished "Project Runway" winner Christian Siriano, Rancic broke down and gave us the scoop: "That's it. I've decided. You can say I'm wearing it." The bold, graphic print was sent to Rancic's longtime E! stylist, Jose Camilo, as a SAG Awards possibility. "I loved it, but I thought it was too much dress for the SAGs. It's a big dress. I've never worn such a big dress in my life. To me, it says Oscars, but I admit it's a risk."

She'll Be a Designer-Clad Camel: Taking a tip from a male model friend, "I drink a lot of water the day before the event. A ton. So that the morning of, I drink nothing so it's easier to put on the dress and I'm not bloated." The rest if the day, "It's just little sips if I'm parched."

George Clooney Sightings Are Not the Only Thing That Make Her Heart Race: Rancic starts awards days with a three- to five-mile run. "It's not like I'm going to fit into my dress any better, it just makes me sharper."

She Keeps it Light: Since Rancic is often on-set for red-carpet hair and makeup as early as 8 a.m, she noshes while prepping with her style team. Healthy meals, such as an egg-white veggie scramble and wheat toast for breakfast, chicken and some sautéed spinach for lunch, keep her energized. She snacks on Kashi and Lara bars "if I'm starving."

Fashion Cops Don't Lie (They Just Compliment Your Hair): "We'll never slam a dress on the red carpet, because we think it's tasteless. This is their moment. This is their night. I am honest. I'm not going to lie to their face on the red carpet and then bash the dress the next day on the 'Fashion Police.'"

But here's how to tell if she hates a celeb's dress: "I'll ask who made it or say, 'I love your hair.' I won't say 'Oh my God, I love your dress.' I won't die over them. At the SAGs, I wasn't such a fan of Nicole Kidman's dress. It was cool and fashiony, but I think there's a difference between fashion and what looks great on the red carpet. But when she turned around and said, 'I love the back,' I agreed with her, because the back was cool."

She's on the Lookout for Swans: Expectant mom of the moment Natalie Portman is the person Rancic most wants to see on Oscar night. "I loved the white Azzaro dress she wore to the SAGs, but I wasn't a fan of her Golden Globes dress." Her "Black Swan" co-star Mila Kunis, "has really stepped it up " this red-carpet season.

Also on Rancic's radar: "Jennifer Lawrence from "Winter's Bone." She's kind of having a moment this season and I hope a publicist or someone doesn't advise her to play it safe. I hope she looks amazing."