Jamie and Oprah

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Jamie is known for his Hollywood parties, but he says his get-togethers aren't quite what the crowd might be expecting. "Puffy throws a party, and it costs $2 million," Jamie says. "What I told Puff was, 'Puff, I throw great parties, too. They don't cost that much!'" According to Jamie, a great party takes less than $500!

One important part of any party is the food and refreshments. "We get fried chicken, but we put it in a nice bowl," Jamie says. "And we've got cola and everything like that." Also, make sure the guest list includes "pretty people from the opposite sex."

And, finally Jamie has just a word of advice. "Karaoke," he says. "We do karaoke marathons." At one of his L.A. karaoke parties, Jamie invited Bobby Brown and Whitney Houston. "As I'm going in the bathroom, I hear somebody going, 'I don't do this for everybody. I tell you I get paid $1 million to sing this song.' And then Whitney goes on stage and karaokes. She sings 'I Will Always Love You' better than she's ever sung it in the last 10 years, and people literally hold their cell phones up. They call their parents, their friends."

Having Jamie Foxx there doesn't hurt either. "You can let your hair down at my parties," Jamie says.