The 30-year-old Franco, who played Harvey Milk's first love in "Milk," also received a fake bag of marijuana for his role as a clueless pot dealer in "Pineapple Express" at the roast by Harvard's student drama group.
Franco, whose mother is Jewish, said he was not raised Jewish. He said he once told The New York Times he felt deprived because he never had a bar mitzvah. "Yeah, I guess I wasn't a man until tonight," he joked Friday.
The fake ceremony featured a "Rabbi Spider Man" and "Yentl Express" dancers who performed in drag to "Havah Nagila."
"I don't know if this counts in rabbinical law or whatever, but if it doesn't, I do plan to have a bar mitzvah," Franco said.
He wore a blond wig, gold sparkly bra and purple high-heeled pumps to accept the award. "I couldn't ask for anything more. I've made it," he said.
Franco starred in the "Spider Man" trilogy, appeared in TV's "Freaks and Geeks" and portrayed James Dean in the TNT biopic.
The Harvard group honored Renee Zellweger last week as its woman of the year. The 2008 awards went to Charlize Theron and Christopher Walken.
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