To many, the Kentucky Derby is an excuse to don a fancy feathered hat and overindulge in refreshing mint juleps. To others, its a chance to enjoy the “most exciting two minutes in sports.” But the fact remains that many people don’t exactly know what the Kentucky Derby is, let alone the difference between a filly and a foal. So when you’re walking around some derby party this weekend with a wanna-be southern accent that becomes unrecognizable with every julep sip you take, here are a few tips about where, when, and what the Kentucky Derby actually is. UPDATE: Here is the 2013 Kentucky Derby live stream. Watch it online!

Held annually on the first Saturday of May–this year its May 4th–the Kentucky Derby is one of the most renowned thoroughbred horse races in the world. This year marks the 139th run of the derby which will take place at Churchill Downs in Louisville, KY. The derby is one of three races, or “legs,” that comprises the coveted Triple Crown, the others being the Preakness Stakes (Baltimore, MD) and Belmont Stakes (Elmont, NY). The Triple Crown is one of the most sought-after titles in sports which can only be attained when a horse wins all three legs. Post time for the derby, or the time at which all jockeys must have their horses on the starting line, is scheduled for 6:24pm.

Secretariat is arguably the most famous horse of all time having won the Triple Crown in 1973, set a derby record of 1 minute 59 ? seconds, and being the inspiration for a 2010 Disney movie of the same name. A Triple Crown victory is nothing to scoff at as only one other horse since Secretariat’s ‘73 blaze of glory has taken the title. That was a horse named Affirmed back in 1978. Secretariat was so dominating, in fact, that only one other horse (Monarchos in 2001) in the derby’s entire history ran to a winning time of less than two minutes.

As for other derby traditions, the most popular are the aforementioned flamboyant hats and mint juleps. Mint juleps, as I’m sure you have absolutely no idea, are cocktails made from the delightful combination of bourbon, mint, and a sugar syrup.

Spectators often gather on the infield of the racetrack (grassy patch at the center of the horses running in circles) to, and I’m quoting from Wikipedia here, “party with abandon” as the view usually obstructed.

The Kentucky Derby also goes by the nicknames “The Most Exciting Two Minutes in Sports” and the “Run for the Roses.” The first is pretty obvious as the race only lasts for approximately two minutes but the“Run for the Roses” refers to the blanket of 564 red roses awarded to the winner every year.

This is just a basic overview of the derby, and as much as I like to think I’m an expert at near-anything, derby lore isn’t quite my forte. But if you keep these things in mind or seamlessly bring them up in conversation, you’re probably not in any imminent danger of embarrassing yourself. If you lay off the bourbon, that is.