The hats of the 138th Kentucky Derby

May 5, 2012: Water covers the ground on the outside of the track after heavy overnight rain during the first race of the day before the 138th Kentucky Derby horse race at Churchill Downs in Louisville, Ky. (AP2012)

May 5, 2012: Spectators walk to the grand stand for the first race of the day before the 138th Kentucky Derby horse race at Churchill Downs in Louisville, Ky. (AP)

May 4, 2012: Alison Callaway of Las Vegas wears a fancy hat while walking through the paddock before the 138th running of the Kentucky Oaks horse race at Churchill Downs in Louisville, Ky. (AP2012)

May 5, 2012: Carrie Cooke, Louisville, Ky., wears a fancy hat while walking through the paddock before the 138th Kentucky Derby horse race at Churchill Downs in Louisville, Ky. (AP2012)

May 5, 2012: Dawn Paden, from Mountain Home, Ark., wears a fancy hat in the paddock before the 138th Kentucky Derby horse race at Churchill Downs in Louisville, Ky.

May 4, 2012: A spectator takes photos before the start of the 138th running of the Kentucky Oaks horse race at Churchill Downs in Louisville, Ky. (AP2012)

May 5, 2012: Sandy Cousins, Fond du Lac, Wis., wears horseshoe glasses while waiting for the 138th Kentucky Derby horse race at Churchill Downs in Louisville, Ky.

May 5, 2012: Jim Leuenberger, from Shawano, Wis., wears a red bowler hat white while walking through the paddock before the 138th Kentucky Derby horse race at Churchill Downs in Louisville, Ky.

May 4, 2012: A spectator wears a hats as she makes her way to her seat before the 138th running of the Kentucky Oaks horse race at Churchill Downs in Louisville, Ky. (AP2012)

May 5, 2012: Sara Boucher, Frederickstown, Ohio wears a fancy hat in the paddocks before the 138th Kentucky Derby horse race at Churchill Downs in Louisville, Ky. (AP Photo/Mark Humphrey)

May 5, 2012: A spectator wears a fancy hat through the paddock area before the 138th Kentucky Derby horse race at Churchill Downs in Louisville, Ky. (AP Photo/Mark Humphrey)

May 5, 2012: Spectators make their way to the grand stand viewing area before the 138th Kentucky Derby horse race at Churchill Downs Saturday in Louisville, Ky.