If you're actually interested in the movie part of the festivities, brush up on your Portuguese and make your way to the Colony Theatre--it's easy to find. Just follow the parade of gorgeous types up Lincoln Road Mall and you'll run smack bam into it.
Afterwards, you can pick up some cool Brazilian surfwear threads at the slick Olsken store at 1111 Lincoln (the fancy looking parking garage). Feeling hungry post-flick? Forget traditional Brazilian steakhouse standbys like Fogo de Chao and Texas De Brazil (they're further south on the beach), and instead sample some Caipirinhas and Brazilian-infused seafood at SUSHISAMBA dromo, a short stroll in the other direction on Lincoln (just don't forget to bring your credit card with the highest limit).
The Miami Beach Cinematheque is also hosting special screenings during the festival, so take a stroll down
crazy lane Washington Avenue and just follow the pretty people. The screening room there is worth a look for its freshness (it opened in the spring), its old-fashioned-looking popcorn stand and its traditional red velvet curtains.