Vanessa Hudgens and Zac Efron Step Out in Hollywood

It was a virtual East High reunion in Hollywood last night with the DVD launch of "High School Musical: 2," as Vanessa Hudgens and rumored boyfriend Zac Efron wowed an adoring crowd outside the El Capitan Theater.

"It's just amazing to have these people show up - all the fans!" she gasped.

Added Zac, "It's crazy. I can't believe it!"

Even "Extra's" own Terri Seymour isn't immune to the Disney craze. She proudly showed off her Zac Efron pendant necklace, which quickly caught Vanessa's eye!

"I like your necklace!" Vanessa said.

But Zac was a little stunned.

"Do you wear that out?" he asked Terri, who joked, "All the time! To bed. I never take it off."

Vanessa's best friend Ashley Tisdale was still raving about their night at the American Music Awards.

"That was like the most amazing night, just hanging out with Beyonce and Celine Dion and Usher and Chris Brown," she gushed. "That was crazy!"

As for the highly-anticipated "High School Musical: 3," Vanessa revealed what could be in store.

"I haven't read the script, but I know it's our senior year - probably graduation and prom," she said.