I don't know why I've never heard of the Reduced Shakespeare Company until now. This was required viewing for my Intro to Theatre Arts class and it's a kick.
This is an example of "burlesquing", aka farce or slapstick. One of the many things I took away from this is how invested the actors are. It's a great lesson on how acting is about so much more than just remembering your lines and hitting your marks. They are all in, 1000%.
Do give it a watch. It's a lot of fun.