Franco and some friends remade the first few episodes of the popular 70s sitcom, but this time with a serious and sometimes risqué tone.
It's received positive reviews so far.
Meantime, Franco said he's looking forward to hosting the Oscars, but he doesn't expect to win the best actor award.
Franco is expected to be nominated for his role in "127 Hours."
"People like a British drama. They like a royalty family drama, so Colin's going to win, so I thought that's fine. I'll host and I'll just show like, it will be a way to tell myself too, like, just don't worry about it," Franco said, referring to the British monarch tale, "The King's Speech," starring Colin Firth.
Franco will share co-hosting duties with actress Anne Hathaway. He joked that he'll be singing and dancing his way through the show.
The Associated Press contributed to this report.