From Aventura's steamy performance to Elvis Crespo's red carpet shame, there were plenty of wild, wacky moments to see during last night's Premio Lo Nuestro. Below, a roundup of the Univision award show's biggest winners and losers.

Red Carpet Winner: Gloria Trevi

The Mexican pop star was a glam goddess in this silver, one-shouldered gown and chic waves.

Red Carpet Loser: Olga Tañon

We normally think this merengue diva looks chic and pulled together, but she disappointed us with an ill-fitting dress and a sloppy, spiked hairdo.

Performance Winnner: Aventura, "Por Un Segundo"

Questionable dance moves aside, the bachata supergroup proved why they deserved to win Best Album and Song of the Year with a Bollywood-inspired performance of their new single, "Por Un Segundo."

Performance Loser: Fanny Lu, "No te Pido Flores," etc.

From the random vandalizing of a giant Wilmer Valderrama portrait to the hoochiefied backup dancers who looked like they came straight out of Sin Senos No Hay Paraíso, Fanny's greatest hits medley was all sorts of wrong.

Water-Cooler Winner: Barack Obama and Latinos

The President paid his respects to music fanes with his second-ever appearance on Univision and had a great closing line: Sí, se puede!

Water-Cooler Loser: Elvis Crespo and Raúl de Molina

El Gordo has no shame! The daytime host accosted Crespo—currently beleaguered by accusations that he masturbated on a plane—to ask the merengue star what he was thinking (His answer? "Visit me on MySpace tomorrow, and I'll tell you"), then pulled Crespo's new wife over for one last moment of shame. Classy.

What were your favorite/least favorite moments from Premio Lo Nuestro? Share them in the comments.