The Kentucky Derby is right around the corner (Saturday, May 3) -- what are your plans? If you're not heading to Louisville, you can still enjoy the festivities of the event by hosting a fabulous party in your home.

If you want to keep some of the Derby traditions in tact, you'll need to serve some particular drinks and dishes, but even before the food comes out, you'll want to set the tone with decor. Here are two ways to decorate, going along with the two types of Derby-goers (Millionaire's Row and the infield).

Millionaire's Row: Bring out your china and silver. Or, you know, at least use real dishes instead of paper. Place dramatic bouquets (or a garland) of red roses throughout your home, and drape tables with your best white tablecloths. Consider keeping a number of fabulous hats, boas, and other extravagant accessories around for guests to really get into the theme.

Infield: This is a more casual party, like a barbecue. Ideally you'll want to set up some picnic tables and have a screen outdoors, but you can decorate the interior with red and white checked tablecloths, topped with mason jars filled with pretzels. Roses are still appropriate, but avoid lavish displays -- instead, opt for just a few blooms here and there, or use a variety of spring flowers.