Oprah's Favorite Things 2010: Seven-Day Caribbean Cruise!

Did you miss the first (of the last) Oprah's Favorite Things 2010 episode? She really gave Santa a run for his money. The benevolent talk show host has given past studio audiences oodles of swag, a trip to Australia, and -- who can forget -- cars. We have to admit, when she canceled her famous "Oprah's Favorite Things" episode in 2009, we were a little bummed. Who doesn't love to see that studio audience go nuts over free stuff?

So what are "Oprah's Favorite Things" in 2010? Check out our live blog and full list from the episode below.

4:04 First up is a diamond watch designed specially for Oprah's 25th Anniversary Season. Wow -- it's worth over $2,400!

4:05 Next, a gray flannel Tory Burch tote ($250) and matching flats ($175)!

4:06 Nikon cameras for everyone! A D3100 Digital SLR, she calls is "one sexy camera," and it's worth about $700.

4:07 First commercial break. OY! We are already overwhelmed with the amazing swag!

4:12 They literally have medics standing by. Smart -- I would totally faint if I were there!

4:13 Oprah's favorite cashmere sweater designed by Ralph Lauren. He let Oprah pick the color for her limited edition sweater; the tan shade reminded her of a "warm sandy beach and her dog Sadie." It's worth $498! Plus a matching cable knit throw! How cozy!

4:14 Whoa! Judith Ripka eclipse earrings. Worth $520 -- I've always admired Oprah's jewels!

4:16 Oprah's hair stylist, Andre Walker has a brand new hair care line. Of course it's one of her favorites!

4:17 Yum -- A Lasko candle set. Oprah's pick? A rosemary scent.

4:22 Now she's making us hungry. A Breville Panini Press. We could totally use that for making awesome turkey panins the day after Thanksgiving! Plus, she's throwing in the recipe for her "Love Sandwich" -- which we totally want to eat right now.

4:23 Kyocera Ceramic Knives! Beecher's Mac and Cheese! The Baker's Edge Brownie Pan! Ghiardelli Brownie Mix! My stomach is making some serious noise here.

4:25 We know Oprah loves reading, but what's on her list this year? Oh how appropraite -- it's Marianne Williamson's "A Course in Weight Loss." And she's showing she's in touch with the youth -- Jay-Z's "Decoded!"

4:27 Another commercial break. We're going to get a snack after that segment.

4:32 Oprah always knows what we want. A Netflix subscription for five years -- putting that on our list.

4:33 Oh, she's telling the audience to reach under their chairs. 3-D glasses. I feel a television coming on.

4:34 And I'm right! It's a 52-inch Sony Bravia LX900 3D flat screen television. And a Blu-ray player. Man, we wish we were there!

4:36 Of course Oprah's gonna give back. She's giving $100 bucks to use at Kiva.org, a website that funds small businesses around the globe. And deals site Groupon is adding $10 to every new loan given.

4:37 Another commercial. We can barely keep up!

4:39 Ohh what's in that gingerbread house? COOL! The Container Store is going to every audience member's home and building them a brand new closet -- up to $1,000!

4:40 A closet full of Oprah's 25th Anniversary gear! Oh, she's giving away Lululemon workout pants. Those are SO comfortable and as Oprah said, "They cut your butt in half!" This audience is really lucky!

4:42 And four pairs of Nike sneakers for the whole family. Awesome.

4:43 How much do you think Oprah's FedEx elves get paid? Another commercial! What's in the box, Oprah?!?

4:46 And we're back. Here's comes the big one! What is it? Oh Oprah, don't tease us. That box is huge, don't act like you forgot about it.

4:48 Well, it's official. Oprah makes us believe in Santa because everyone in her audience just got a free 7-day cruise! On the biggest cruise ship in the world, the Royal Carribean Allure of the Seas. "You are going to have the time of your life," she told the audience. Yep, they will. I just looked in the mirror. And my face is green with envy.

4:50 Another commerical. The Black Eyed Peas are coming on next!

4:54 Okay, we don't totally understand what this futuristic tune has to do with the holidays, but it's Oprah, so we're just gonna go with it!

4:55 Spoke to soon. "Little Drummer Boy." Now we get it.

4:57 That's a wrap! Or is it? Looks like Oprah's doing it all over again next week with a new batch of fabulous stuff! Check back here for more updates Monday, Nov. 22 at 4 pm ET!

Here's a full list of what Oprah gave her audience today:

Oprah watch with 58 hand set diamonds and two "O's" on the face and a silver 2 and 5, in honor of the 25th anniversary

Tory Burch flannel Tory tote in gray, with custom-made matching Tory signature gray flannel flats

Nikon D3100 Digital SLR camera

Oprah custom cashmere sweater by Ralph Lauren, with matching cashmere cable knit throw

Judith Ripka canary crystal and white sapphire eclipse earrings

Andre Walker hair care kit, including shampoo, conditioner, Q-oil and hair makeup

Set of 18 Lasko candles, each worth $50

Breville Panini Press, Kyocera Ceramic Cutlery Set, Beecher's "World's Best" frozen macaroni and cheese, Ghirardelli brownie mix, and Baker's Edge lasagna and brownie pans

Marianne Williamson's "A Course in Weight Loss" and "Decoded" by Jay-Z

A five-year Netflix membership

A 52-inch Sony Bravia LX900 3D flat screen television with a Blu-ray player

$100 Kiva gift card (Groupon will contribute $10 to every new loan)

$1,000 custom closet makeover from The Container Store

Season 25 farewell season T-shirts and Lululemon workout pants

Nike Free Run+ tennis shoes for the whole family

Seven day Royal Carribean cruise on the Allure of the Seas

Copies of the Black Eyed Peas new album, "The Beginning"

Wanna see where Oprah may be moving next? Shelterpop has the scoop.