VIDEO EDGE OF FAME TWO FILMS, LIKE THEIR SUBJECTS, FELT THE VAGARIES OF SUCCESS.

Byline: Rob Lowman Entertainment Editor

Divining the thinking that goes into the Oscar nominating process is more than we mere mortals can bear. Never mind the fact that the academy often gets it wrong; it often gets it right, too. But works of art - even popular ones - are subject to tastes at the time, and trying to establish some kind of aesthetic criterion is always a slippery slope to climb.

So while most critics - or at least those above the thumbs-up/thumbs- down level of reviewing - are loath to admit it, many will overpraise some films and undervalue others and, in retrospect, wish they had done the opposite.

Oscar nominators are subject to the same cultural cross-currents; so it will be interesting in a few years to assess two films that have arrived on video and DVD this week. Both ``Almost Famous'' and ``Wonder Boys'' - despite critical raves - are on the outside looking this year in the best- picture category.

The films possess similar attributes, strong ensemble casts, interesting, quirky stories, terrific soundtracks and fine direction. Why neither film caught on with audiences during theatrical release is a mystery (both did do modest business), but it undoubtedly hurt their chances with the Oscar people. Don't be surprised, though, if both films outlast some of this year's best picture nominees in the affections of film fans.

``Almost Famous'' is written and directed by Cameron Crowe (``Jerry Maguire''), who based the film on his life as a young rock critic writing for Rolling Stone magazine. His alter ego in the film is William Miller (Patrick Fugit), a high school student hired by the magazine in the mid- '70s - sight unseen and not knowing his age - to cover a rock band on tour.

Crowe's affectionate look at the era is less about nostalgia than it is a complicated coming-of-age, loss-onnocence portrait. And while William is the focal point of that story, the film is about all the characters on the rock scene at the time - the stars or nearly stars, the groupies, the obsessed fans and the critics who thought rock 'n' roll would signal some kind of a revolution. That last character is personified by the great, late Lester Bangs, played with flair by Philip Seymour Hoffman.

(Crowe freely mixes fact with fiction. The band Stillwater was created for the film, with music written by Crowe's wife, Nancy Wilson of Heart, while real-life figures like Jann Wenner and Ben Fong-Torres from Rolling Stone make appearances.)

What lifts ``Almost Famous'' above sentimentality is that Crowe, despite his clear love of the times, does not shy away from showing the era's failings - drug use, shallow relationships, excesses, self-delusion and self-destructiveness. The film never digs deeply into these issues, but Crowe lays them out within the context of his complex, finely drawn characters. And he elicits one marvelous performance after another. Billy Crudup as Stillwater's lead guitarist reflects the fragility of the rock life, while Kate Hudson as Penny Lane, the leader of the ``Band-Aids'' (``We don't have intercourse - we inspire the music''), seems to embody the ephemeral lifestyle of the character.

Hudson received an Oscar nomination in the best supporting actress category, as did Frances McDormand as William's slightly hysterical but ultimately understanding mother. The extraordinary McDormand also shines in ``Wonder Boys'' in a slightly less flashy role.

Based on Michael Chabon's 1995 novel, ``Wonder Boys'' tells the story of college professor/novelist Grady Tripp (Michael Douglas). Tripp, whose latest wife has left just him, is a pot-head in love with the university's chancellor (McDormand), who he has gotten pregnant. She is also married to the head of Tripp's department. Tripp has also spent seven years writing a novel he can't finish, and he's under pressure from his editor (Robert Downey Jr.) to do so. He also has a young writing student infatuated with him (Katie Holmes in red cowboy boots) and has gotten himself entangled in the life of another of his students, James Leer (Tobey Maguire).

Like ``Almost Famous,'' Curtis Hanson's film treads lightly on its subject, Tripp's trip out of his moribund existence to some sort of self- awareness, but there is enough truth and reality in both movies. (And for those of us who have been part of the '70s rock scene or the college literary sideshow, there are plenty of recognizable moments.)

``Wonder Boys'' has a whimsical quality that is infectious, and Douglas should have gotten an academy nomination.

It's interesting to note that, until 1943, the best picture category contained as many as 10 nominees. If that were the case today, ``Almost Famous'' and ``Wonder Boys'' surely would have been there.

``Almost Famous'' (DreamWorks) is $26.99 for the DVD and contains a making-of featurette. It's priced for rental on VHS. ``Wonder Boys'' (Paramount) is $29.99 on DVD, which contains cast and crew interviews and the music video of Bob Dylan's Oscar-nominated song ``Things Have Changed.'' It's priced for rental on VHS.

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Photo: Anna Paquin, left, Fairuza Balk and Bijou Phillips play three of the ``Band-Aids'' in Cameron Crowe's ``Almost Famous.''