All events will take place roughly in the same area -- the field across the street from the Bryce Jordan Center.
The carnival, which begins at 6 tonight, will be held in the parking lot west of the stadium with the stage and booth displays next to it.
For the first time, there will be an "authentic football locker room sale" with Penn State game-worn jerseys, helmets, shoes and footballs.
The booth displays will include a football toss, where Penn State quarterback Michael Robinson and defensive end Tamba Hali will be signing autographs, a D.A.R.E. dunk tank and food from Prospector's and Clem's BBQ.
At some point during the first performance featuring DJ Caraby, four Penn State football players will give a rap performance on stage, Matthew Checchio, marketing assistant and coordinator, said.
Hali will be freestyling and wide receiver Lydell Sargeant, defensive end Ross Muir and linebacker Tim Shaw will be rapping while wide receiver Terrell Golden emcees.
Shaw will be performing the rap he wrote about the student section, said Guido D'Elia, Penn State's football communication and branding director.
Following the rap act, '80s cover band Velveeta will perform at 7 p.m.
The festivities will continue at 11 a.m. tomorrow with a performance by Tapestry, Penn State's tap company.
Michele Dunleavy, the group's adviser, said the group will perform four dances from its spring concert.
Those include "Sway," by the Pussycat Dolls, and "Pump It," by the Black Eyed Peas.
Although the forecast is calling for rain all weekend, Checchio and D'Elia said that unless it's pouring or there is lightning, they plan to hold the celebration, although some events may not be able to go on.
"If it rains, we'll get wet with a smile on our face," D'Elia said.