Watch the Great and Powerful 'Oz' Trailer!

Right on the ruby-red heels of the remarkable auction of Dorothy's iconic dress from The Wizard of Oz, Disney brings us the newest trailer for the brand-new adventure Oz The Great and Powerful -- and we have a first look!

Video: 'Glee' Star Lea Michele is 'Dorothy of Oz'

Imagining the origins of author L. Frank Baum's beloved Wizard of Oz, the fantastical 3D adventure stars James Franco as Oscar Diggs, a small-time circus magician and flimflam man with dubious ethics. Hurled away from dusty Kansas to the vibrant Land of Oz, he first thinks he’s hit the jackpot -- until he meets three witches, Theodora (Mila Kunis), Evanora (Rachel Weisz) and Glinda (Michelle Williams), who are not convinced he is the great wizard everyone’s been expecting.

Reluctantly drawn into the epic problems facing the Land of Oz and its inhabitants, Oscar must find out who is good and who is evil and put his own magical talents to the test to transform himself not only into the great and powerful Wizard of Oz, but a better man as well.

Related: Buy Dorothy's Ruby Slippers

Directed by Sam Raimi (the original Spider-Man trilogy) and also starring Zach Braff, Oz The Great and Powerful lands in theaters in Digital 3D and IMAX 3D March 8.