Fireworks light up the sky during the opening ceremony of the London 2012 Olympic Games at the Olympic Stadium on Friday, July 27.
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London (CNN) -- Seven promising young British athletes lit the Olympic cauldron early Saturday, capping the Games' festive opening ceremony in east London.
The torch, which arrived on a boat driven by football star David Beckham down the River Thames, had been carried into the stadium by five-time Olympic gold medalist Steve Redgrave.
The retired rower then passed it to the young athletes, who lit part of the outer rim of the torch, setting off a domino effect as fire spread to 205 small metal "petals," symbolizing the nations taking part. The small petals eventually rose on long stems and converged to become a cauldron pointing up to the sky above the stadium.
A short time earlier, Queen Elizabeth II formally pronounced the Olympics open for business, saying, "I declare open the Games of London, celebrating the 30th Olympiad of the modern era."
Organizers had said they expected a billion people worldwide to watch the opening ceremony -- which was created by Danny Boyle, best known for directing the Oscar-winning film "Slumdog Millionaire" -- on television.
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Tens of thousands more congregated in "fan zones" around the British capital to watch the festivities on big screens, their enthusiasm hardly diminished by overcast sky and sporadic showers.
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The event opened with a scene dubbed "Green and Pleasant," after a line from poet William Blake. It featured an idyllic view of a British countryside. Rolling hills, fields and rivers -- complete with picnicking families, sports being played on a village green and farmyard animals -- made up the elaborate set.
Hundreds of volunteers dressed in period costumes walked, danced and otherwise performed as music played. The set soon transformed into one recalling the noisy, grimy transformation of the Industrial Revolution, including large smokestacks emerging from below.
After a short film featuring Daniel Craig, the latest actor to play cinematic British spy James Bond, and none other than Queen Elizabeth II herself, the next performance paid tribute to Britain's National Health Service and children's literature.
J.K. Rowling, author of the best-selling Harry Potter books, kicked off the scene -- which featured, among others, the evil Voldemort from her series and magical nanny Mary Poppins.
Next came a performance of the iconic song from "Chariots of Fire," a tale about two British Olympians from 1924 that was lightened up by slapstick comedian Mr. Bean, played by Rowan Atkinson. Then came a showcase for pop songs from the Beatles to the Rolling Stones to Frankie Goes to Hollywood to David Bowie, which was followed by a short live performance by rapper Dizzee Rascal.
There was also a special shout-out to Tim Berners-Lee, a London native who is credited with inventing the World Wide Web. His words, "This is for everyone" at one point lit up a part of the stands for all to see.
Just over one hour in, the Olympic athletes finally made their way into the stadium led, per tradition, by the Greek delegation.
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That was followed by another performance featuring bicyclists with glowing butterfly wings going around the stadium, one of whom soared into the air.
Several dignitaries escorted the Olympic flag as it entered the stadium, among them U.N. Secretary-General Ban Ki-moon and legendary American boxer Muhammad Ali.
Sebastian Coe, chairman of the London Games organizing committee and a four-time Olympic medalist, then promised, "London 2012 will inspire a generation."
"In the next two weeks, we will show all that has made London one of the greatest cities in the world," Coe said. "Let us determine, all of us, all over the world, that London 2012 will see the very best of us."
International Olympic Committee chief Jacques Rogge noted the history being made with these Games -- the first competition in which every delegation had female athletes and the first time any city has hosted the Olympics three times.
"In a sense, the Olympic Games are coming home tonight," he said.
Excitement has been brewing in and around London for years, and it's been especially palpable in recent days.
Katie Lawrence, a resident of the U.S. state of Georgia who holds dual U.S.-British citizenship, told CNN that she was hugely excited to be in London to watch the sporting extravaganza.
"I love the Olympic Games, I always have, always will. I'm always torn as to which team to root for, but I have no shame in rooting for both USA and GB," said Lawrence, who saw some of the 1996 Games in Atlanta as a child. "I cannot wait to be immersed in all of the excitement and bustle that the Games bring."
CNN iReporter Kevin Dunscombe said he was "very proud" of London as the host city.
"I really felt the buzz of the Olympics when I walked through Trafalgar Square on my way home last night," he said Friday. "The atmosphere was really electric and this is before the Games have actually begun!"
Are you there? Send us your images and videos of the Olympics
British newspaper headlines heralded Friday as the start of something truly special. "Get the party started," read the Telegraph, while the Times of London hailed "The world in one city."
The Guardian struck a more reflective note as London prepared to host the Games, saying, "Time to find out who we are."
Records already broken and ticket-holders warned
Some 10,500 athletes are set to take part in the Games, the British government said.
Some of them competed in advance of Friday night's formal kickoff, including members of multiple men's and women's football squads.
All 128 competing archers also took part in a preliminary round at Lord's Cricket Ground in London to determine seedings for team and individual competitions.
Three South Korean archers took the top three seeds in the men's individual round, with the winner, Im Dong-hyun -- who is legally classified as blind -- setting a world record in the process, according to the official website for the Games.
Hundreds of people hoping to attend that event, however, were turned away after apparently being sold fake tickets and because of confusion about whether the event was open to the public, UK media reported.
Read more on the gritty East End -- the London area hosting the Olympics
The London organizing committee said tickets had been neither advertised nor sold.
"We think we have made it very clear that this is not a free event, like the road races or marathon, which have been advertised as free events," the committee said in a statement.
"This is a ranking round and there is no spectator access at all. We are dealing with this at the venue, along with some people who have turned up with fake tickets purchased from a fraudulent website."
People are urged to "be extremely cautious and vigilant when attempting to buy tickets and only purchase from an official source," the statement says.
Video: British etiquette for London Games
U.S. politics becomes part of the story in London
Dozens of dignitaries from around the world attended Friday night's opening ceremony. They included U.S. first lady Michelle Obama, who met with members of Team USA at a breakfast Friday morning at the U.S. Olympic training facility.
But it was her husband's presidential challenger this fall, Mitt Romney, who was making headlines.
Read more: London prepares for an Olympics to remember
News reports picked up on the verbal to-and-fro between British Prime Minister David Cameron and the Republican U.S. presidential candidate, who appeared to question London's readiness while on a trip to England and then appeared to backtrack.
"You know it's hard to know just how well it will turn out," Romney said in an interview with NBC News on Wednesday evening. "There are a few things that were disconcerting. The stories about the private security firm not having enough people, the supposed strike of the immigration and customs officials -- that obviously is not something which is encouraging."
A day later, in what sounded like a jab at Romney's own stewardship of the 2002 Olympics in Salt Lake City, Cameron appeared to draw a contrast between staging the Games in London versus Utah.
Read more: Four billion reasons to watch the Olympics
"We are holding an Olympic Games in one of the busiest, most active, bustling cities anywhere in the world. Of course it's easier if you hold an Olympic Games in the middle of nowhere," he said.
After meeting with Cameron, Romney praised then British preparations for the Games. He then sidestepped a question as to whether he intended to criticize the 2012 Olympic organizers in his initial comments, saying he expected the Games to be "highly successful."
Video: Olympic long-term impact on London
CNN's Laura Smith-Spark, Stephanie Halasz, Ed Payne and Jim Acosta contributed to this report.
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Artists wearing wings and riding bicylces perform during the ceremony.
The Olympic flame is seen in the stadium during the ceremony.
Members of the Britain's delegation parade wave.
British spectators cheer as they attend the opening ceremony.
The Olympic flame burns in the cauldron.
Fireworks burst above the stadium during the opening ceremony.
Fireworks over the Olympic Stadium.
Fireworks explode from the stadium roof.
Fireworks ignite over the Olympic Stadium.
Sir Paul McCartney performs during the opening ceremony.
An actor dressed to resemble Britain's Queen Elizabeth II parachutes into the stadium during the opening ceremony.
Participants look on as the Olympic flame burns in the cauldron.
A member of India's delegation takes a picture as he parades during the opening ceremony.
The Olympic flame is carried into the stadium.
Danny Boyle, the director of the opening ceremony, reacts to the show.
Philippine Van Aanholt, an independent Olympic athlete, parades during the opening ceremony
An image of British Olympic champion Jonathan Edwards is projected on the Houses of Parliament .
Torchbearer Sir Steve Redgrave hands the Olympic flame over to seven young athletes who represent Britain's hopes for the next Olympics.
Fireworks are let off over the Olympic stadium
Fireworks explode from the top of Tower Bridge.
Fireworks cast a purple glow over the Olympic Stadium.
The Olympic cauldron is lit.
Members of India's delegation parade in the opening ceremony.
People cheer as they watch the opening ceremony of the London 2012 Olympic Games on an outdoor screen at Piccadilly Circus.
Members of Iran's delegation parade during the opening ceremony.
A young athlete is joined by six others, who represent Britain's hopes for the next Olympics. They all carried the Olympic flame.
An image of Jamaica's track star Usain Bolt, currently the world's fastest man, is projected on The Houses of Parliament in London.
An artist flies over children and nurses during the Great Ormond Street Children's Hospital scene.
Fireworks over the Olympic Stadium.
Fireworks form a fiery ring over the Olympic Stadium during the Opening Ceremony of the London 2012 Olympic Games at the Olympic Stadium.
Fireworks light up the Olympic Stadium and the night sky.
Fireworks illuminate the sky in a fiery rainbow of color.
Fencer Mariel Zagunis leads the U.S. Olympic team around the stadium.
Reigning Olympic men's 100-meter and 200-meter champion Usain Bolt of Jamaica carries his country's flag.
Artists perform during the opening ceremony.
Mariel Zagunis of the United States Olympic fencing team carries her country's flag.
Croatia's delegation parades during the opening ceremony.
Fireworks go off over the Olympic Stadium at the official opening of the 2012 Games.
General view as fireworks illuminate the sky during the opening ceremony.
Usain Bolt leads the Jamaican Olympic team around the stadium.
Members of Brazil's delegation hold their national flag as they walk during the opening ceremony.
Song-Chol Pak of the DPR Korea Olympic team carries his country's flag.
Spectators wearing 3-D glasses during the opening ceremony.
Canadian athletes enter the stadium.
Ali Mazaheri of the Iran Olympic boxing team carries his country's flag.
Chinese athletes enter the stadium.
Natascha Keller of the German Olympic hockey team carries her country's flag during the opening ceremony.
The Olympic stadium lit up in red and blue during the opening ceremony.
A performer in a giant ball is passed around during the opening ceremony.
Performers dance during the opening ceremony.
A parachutist lands outside the Olympic Stadium.
Performers depict a view of the English countryside.
General View of performers during the opening ceremony.
Artists perform during the opening ceremony.
An actor dressed as Mary Poppins performs in the GOSH and NHS scene.
Simon Whitfield of the Canada Olympic triathlon team carries his country's flag.
General view taken as actors perform during the opening ceremony.
Athletes parade during the opening ceremony.
Athletes parade during the opening ceremony.
Artists perform during the opening ceremony.
Performers with jetpacks take part in the opening ceremony.
Members of the Australia team parde into the stadium.
Dancers perform during the opening ceremony.
Fireworks go off from Tower Bridge.
Dancers perform in a scene dramatizing the struggle between life and death.
Artists perform during the opening ceremony.
General view taken as actors perform during the opening ceremony.
Dancers perform under a "setting sun" in a scene dramatizing the struggle between life and death.
Lord Voldemort looms over the opening ceremony.
A broad view of the opening ceremony.
An artist performs with a glowing pacifier during the opening ceremony.
Kenneth Branagh performs as Isambard Kingdom Brunel.
Drummers dressed in period garb perform during the opening ceremony.
Performers dance to British music spanning the decades.
Performers from the GOSH, Great Ormond Street Hospital, perform during the opening ceremony.
Actors perform during the British meadow scene.
A general view of the opening ceremony.
Fireworks light up Tower Bridge.
Actors perform during the opening ceremony.
Actors perform during the British meadow scene during the opening ceremony.
Dancers perform in the Gosh and NHS scene.
Artists dressed in costumes perform.
Spectators wait under the rain before the ceremony.
A young performer holds a balloon.
Performers float with umbrellas as they play the role of Mary Poppins.
Children perform a song.
Olympic rings are assembled.
Queen Elizabeth II, right, and Jacques Rogge, president of the International Olympic Committee, attend the ceremony.
An artist performs during the opening ceremony.
British actor Rowan Atkinson in his role as Mr. Bean plays in the orchestra.
Artists perform as the sun sets in the background.
Performers drum during the Opening Ceremony.
The sun sets behind performers.
Actors and dancers play Great Ormond Street Children's Hospital staff and patients.
People wave Union flags during the opening ceremony.
David Beckham passes under Tower Bridge driving a speedboat named "Max Power," which carries the Olympic Torch.
Fireworks are displayed at Tower Bridge.
Giant pictures depicting villains of British literature, including Captain Hook from "Peter Pan," are displayed during the opening ceremony.
Giant puppets depicting Lord Voldemort, center, from the Harry Potter books and the Child Catcher from "Chitty Chitty Bang Bang" swirl around the stage in the opening ceremony.
Spectators watch the Opening Ceremony of the London 2012 Olympic Games.
The Red Arrows disappear over London ahead of the opening ceremony.
Freshly "forged" Olympic Rings fly above the chimneys during The Age of Industry scene.
A general view of the inside of the stadium during the opening ceremony.
An actor dressed to resemble Britain's Queen Elizabeth II parachutes into the stadium.
Artists perform during the opening ceremony.
Catherine, Duchess of Cambridge, attends the opening ceremony of the London 2012 Olympic Games on Friday.
Huge chimneys emerge from the ground to symbolize the industrial revolution.
Drummers during the opening ceremony.
A general view of Olympic Stadium during the opening ceremony.
Artists perform during the opening ceremony.
A general view of the Opening Ceremony of the London 2012 Olympic Games.
Actors perform during the industrial revolution scene.
The Olympic rings form.
General view taken during a scene of The Age of Industry.
The Olympic rings are assembled above the stadium in a scene depicting the Industrial Revolution.
An inflatable yellow submarine floats above artists.
Inflatable yellow submarines float above artists during The Age of Industry scene.
The London Symphony Orchestra performs during the opening ceremony.
Artists perform during the opening ceremony.
A young performer holds a balloon bearing the Olympic rings.
Artists arrive in a horse and carriage.
Artists perform during the opening ceremony.
Performers depict a view of the English countryside.
Bradley Wiggins, the first British winner of the Tour De France cycle race, waves to the audience.
Cricketers play on the pitch during the preshow.
Artists arrive before the start of the opening ceremony.
Prince William and Catherine, Duchess of Cambridge, at the start of the London 2012 Olympics opening ceremony.
Artists take the field for the meadow scene.
Actors perform during the British meadow scene.
A robotic camera captures an overview of the Olympic Stadium at the start of the London 2012 Opening Ceremony.
The Red Arrows fly over the Olympic Stadium and the ArcelorMittal Orbit Tower.
Danny Boyle, the London 2012 artistic director, addresses the audience.
Spectators take shelter under umbrellas prior to the start of the opening ceremony.
The Red Arrows fly over Olympic Stadium before the opening ceremony.
A balloon flies over spectators prior to the opening ceremony.
Fans take photos as cows are lead across the stadium floor.
A man wearing glasses waits for the start of the opening ceremony.
Performers prepare for the opening ceremony.
The countdown to the start of the opening ceremonies is projected across the stands while the Red Arrows, the Royal Air Force aerobatic team fly over the Olympic Stadium. 
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