Will Nokia knock it out of the park?

Click here for a possible teaser video from Nokia of its forthcoming Windows Phone product.

Much is riding on Nokia's (NYSE:NOK) event this week. At the company's Nokia World conference in London, which starts Wednesday, Nokia is widely expected to take the wraps off its first devices running Microsoft's (NASDAQ:MSFT) Windows Phone software. The event is CEO Stephen Elop's chance to prove that his decision early this year to drop Symbian and MeeGo for Microsoft's Windows Phone as Nokia's primary smartphone platform was the correct move. Already, expectations are high, given that Nokia's first and likely only MeeGo product, the N9, has received outstanding reviews. Will Nokia--currently the world's largest handset maker by volume--be able to revitalize its future on the back of Windows Phone? Or will the company continue its slow slide into irrelevance? Stay tuned to our complete coverage from Nokia World for minute-by-minute coverage of the event.