Take a hot pink feather boa, sprinkle it with coke, throw David Bowie and Iggy Pop on top, and you'll be close to feeling Velvet Goldmine's vibe.
Velvet Goldmine is Todd Haynes' 1998 gay glam-rock fairytale. It stars Jonathan Rhys Meyers as Brian Slade/pseudo Bowie, Toni Colette as Mandy Slade/aka Angela Bowie, Ewan McGregor as Kurt Wilde/Iggy+Cobain, and Christian Bale as Arthur Stewart, a closeted newspaper reporter.

The story is told in a series of flashbacks and interviews as Arthur Stewart tries to piece together what happened to Brian Slade, who disappeared after faking his own death onstage. The plotline can be hard to follow, and most people take a few viewings to fully appreciate the story. Still, what the film lacks in coherence it makes up for with its stunning costumes, scenery, soundtrack, and subtle imagery. Velvet Goldmine's costumes were nominated for an Academy Award.
The soundtrack features old glam rock staples as well as the Venus In Furs, who were assembled just for this soundtrack (and they kick ass!). Ewan McGregor sings in a few songs (he sucks).

I love this movie and would recommend it to anyone... but it takes a slightly skewed mind to really appreciate it. If you're into 70's glam and not homophobic, give it a try.