Well, the broadcast with commercials was three hours, 34 minutes and 22 seconds (according to my DVD burner). I recorded it to my DVD burner as it was showing so I wouldn't have to use up the space on my DVR. I'm now going to cut out the commercials and see how long the actual show was.
Without commercials, it's 2 hours, 56 minutes and 11 seconds, for total of only 38 minutes and 11 seconds of commercials! THAT must be some kind of record...fewest commercial time EVER for an Oscar broadcast.