Bodemeister (4-1 odds) and Union Rags are the favorite horses on the morning of the 2012 Kentucky Derby.
The 138th edition of the race is not scheduled to begin until 6:24 p.m. ET, but live streaming of the event can be found beginning at 4 p.m. ET on NBCSports.com.
The coverage will include NBC's Red Carpet Special beginning at 4 p.m. and pre-race coverage beginning at 5 p.m.
You could also choose to watch the event coverage on television. Coverage begins at 11 a.m. with the Kentucky Derby Undercard on the NBC Sports Network. At 4 p.m., coverage switches over to NBC, where viewers can watch the Red Carpet Special followed by pre-race coverage and then, finally, the race.