Anne Hathaway, James Franco Bring the Funny in Oscar Promo

As the Academy Awards inch closer, a new promo for the big night shows co-hosts Anne Hathaway and James Franco prepping for the ultimate hosting gig -- complete with dance lessons and wardrobe-malfunction preparedness.

In the new clip, Franco and Hathaway can be seen working on their fitness -- using Oscar statues as weights -- and brushing up on their seemingly rough dancing skills.

And, in an effort to prevent any wardrobe issues, Franco jokingly practices throwing a blanket over Hathaway as a strap on her dress breaks while on stage. See the video after the jump!

Franco recently opened up to PEOPLE about his hosting gig, promising some singing and dancing on Hollywood's biggest night.

"I'm just kind of going with the flow," he said, getting some helpful hints from a past host. "Billy Crystal said to wear tennis shoes, or something, but I don't think I'm going to follow that advice."

The 83rd Academy Awards air Feb. 27 at 8PM EST on ABC.