And the New Idol Is ... Taylor Hicks!

The votes are in -- 63.4 million of them -- and last night, TAYLOR HICKS defeated KATHARINE McPHEE for the recording contract and title of new "American Idol." Both finalists sang their hearts out, and our own VICTORIA RECAÑO was backstage for both the celebrations and tears!

The evening was full of superstar surprises as Katharine dueted with rock-opera singer MEAT LOAF, Taylor hammed it up with TONI BRAXTON and runner-up ELLIOTT YAMIN almost got upstaged by partner MARY J. BLIGE! CLAY AIKEN nearly stole the show when he surprised a failed contestant by coming onstage singing "Don't Let the Sun Go Down on Me" in the middle of the kid's solo.

One of the biggest surprises of the night was the guest appearance of His Purple Highness, PRINCE, who took the stage to cheers and screams near the end of the night and belted out a couple of songs, flanked by two backup singers!

The other 10 members of the Final 12 also returned to the stage, along with CARRIE UNDERWOOD, who just won two trophies at the Academy of Country Music Awards this week. She sang "Don't Forget to Remember Me" and handed over the title to the new "Idol."

The day before on Tuesday's performances, Taylor gave his all on "Levon," the ELTON JOHN song, STEVIE WONDER's "Living For the City" and the all-new single "Do I Make You Proud." Katharine, meanwhile, warbled "Black Horse and the Cherry Tree," her crowd-pleaser "Somewhere Over the Rainbow" and the single written just for the finals, "My Destiny."

Judge SIMON COWELL said he thought that Taylor ruled the first round but that Katharine's "Rainbow" was the "best performance of the competition."

But after Taylor blew the doors off "Do I Make You Proud," Simon about-faced and said, "Assuming that I was right that the show was tied, then you have just won 'American Idol'!"

RANDY JACKSON and PAULA ABDUL also said they thought Taylor should win.

The talented twosome have definitely been feeling the heat this week, but both expressed only the utmost respect for one another.

"Katharine has amazing vocal runs," Taylor admitted. "She has had some great moments on the show. She is a very talented girl. I wish the best for her and I can't wait to hear her album."

Katharine also has kind words for her competition. "I think Taylor is just free on stage," she said. "I get nervous a lot of times. I clench up. I can't be as spontaneous. We are both so different. It is just going to depend on what America wants."