New Year's Eve might just be the only time of year when "dropping the ball" is a good thing. And this year, nearly one million people are expected to ring in 2012 by watching the shimmery ball make its descent in Times Square.

Watch the ball drop online

The iconic New Year's Eve celebration kicks off at 6 p.m. when the ball makes its way to the top of One Times Square in New York City.

But it's not necessary to be in the middle of the chaos in order to enjoy the festivities.

New Year's Eve revelers can watch the festivities from the comfort of their own homes, live on the Internet through the official Times Square live stream right here.

This year, New York City Mayor Michael Bloomberg has invited Lady Gaga to hit the button triggering the ball's descent at 11:59 p.m. Other artists such as Drake, Pitbull and Justin Bieber are also scheduled to perform throughout the night.

The 2012 New Year's Eve Ball is decked out with 2,688 Waterford Crystal triangles and weighs 11,875 pounds, according to the official Times Square website.

Temperatures near midnight are expected to be in the 40s, according to The Weather Channel, and the "unusually warm weather" is expected to draw record crowds to the epicenter of the celebration, WABC News reports.

New Year's Eve was first celebrated in Times Square in 1904 to observe the opening of The New York Times' headquarters, according to the Times Square Alliance. The first ball drop was in 1907, and the tradition has been going strong ever since, with the exception of two years during World War II.

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