The Kentucky Derby is an event watched by just about every American, holding their breath for two minutes whether they're sitting in the arena or watching on television. The race itself is exhilarating and exciting, but figuring out what to wear can be just as fun!

It seems to us that the outfits get crazier every year... so naturally there are a bunch of sartorial choices that make us cringe. But then someone like Miranda Lambert steps out in a stunning red dress and matching hat, and you want to cheer for her as though she just won the race! Well, she won the fashion race in our humble opinions.

Click through the gallery above to see the best and worst dressed celebrities at the 2014 Kentucky Derby.