Crowned Miss Universe 2012, Olivia Culpo, is certain that she would not be returning to her school finish her studies, to make way for her acting career and philanthropic Miss Universe duties.

Planet Hollywood, Las Vegas, roared in applause when Olivia Culpo bagged the world's most prestigious beauty pageant title: Miss Universe 2012. Beating 88 other lovely candidates from countries and territories worldwide, Olivia stood out to be the brightest and most deserving to win the crown.

But is Olivia ready for the glitzy "beauty queen" status? The Rhode Island native is to lead a new high-profile life, in New York City where she will live in a lush flat provided by the Miss Universe institution.  Along with the apartment, Olivia also received a lifetime supply of new wardrobes, and an undisclosed salary for fulfilling the said duties as Miss Universe 2012. 

Because of Culpo's win, Olivia won't be returning to Boston University, where she left as a sophpomore to pursue a pageant career. Though her 20-year-old sister wants her to pursue her college studies in Boston U, it seems like Olivia now has other things in mind. In fact, Olivia firmly thinks that returning to college is not a wise move as she does not think it "could advance her ambition to become an actress."

Olivia says she is a "self-confessed cellist nerd" and always had the dream to become famous in Hollywood. With her current title, that goal of hers won't be far at reach.

Last year's winner, Leila Lopes of Angola, turned over the coveted crown to Olivia, the first time USA bagged the title since Brook Lee in 1997. Culpo beat Janine Tuganon of the Philippines for the title, the second time Philippines settled for first runner up in the annual celebration of beauty.

Start the slideshow to see photos of Olivia during the Miss Universe 2012 pageant and when she won the Miss USA crown. 

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Miss USA Olivia Culpo reacts after being crowned during Miss Universe pageant in Las Vegas

Olivia Culpo of the U.S. gets her makeup done as part of preparations for the Miss Universe 2012 pageant in Las Vegas

Miss USA, Olivia Culpo, was crowned Miss Universe 2012, with contestants from Philippines, Venezuela, Australia and Brazil finishing in the top five

Miss Universe 2012: The Big Winners

Miss Universe contestant Miss USA 2012 Culpo is fitted by costume designer Profeta upon arriving in Las Vegas

Show hosts Cohen and Rancic listen to Miss Rhode Island Culpo during the Miss USA pageant's interview round in Las Vegas.

Miss Rhode Island Culpo competes in Miss USA pageant's evening gown round in Las Vegas.

Miss Rhode Island, 20-year-old Olivia Culpo, was named the winner of the 2012 Miss USA pageant on Sunday, beating out 51 other contestants at the Planet Hollywood Resort & Casino in Las Vegas. Culpo was crowned by Miss USA 20122 Alyssa Campanella from California and will represent the U.S. in the Miss Universe 61st annual pageant this year.