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50 Shades! The Musical — The Original Parody A comic re-enactment of E. L. James’s novel about a wealthy man with very specific sexual tastes and the virginal college student who loves him is at the Elektra Theater. Credit Matthew Murphy

When it comes to potential for satire, E. L. James’s she-porn best seller “50 Shades of Grey” seems as easy a target as you could shake a sex toy at. That said, “50 Shades! The Musical — The Original Parody,” an exuberant takeoff now at the Elektra Theater, handily delivers the goods.

Carol (Ashley Ward), Pam (Chloe Williamson) and Bev (Kaitlyn Frotton) are vetoing ideas for their book club — a Martha Stewart collection of soup recipes and “The Diary of Anne Frank” (“I loved the beginning,” Pam says, “but I hated the end”) — before Pam suggests “50 Shades of Grey.”

Then the rest of the cast enters to begin, in a parallel narrative of sorts, a comic re-enactment in which the virginal college student Anastasia (a wide-eyed Amber Petty) meets the bondage-inclined tycoon Christian Grey (an often hilarious Chris Grace), who, ever the businessman, demands that Ana sign a contract agreeing to submit to his peccadilloes.

Her hesitation is as suspenseful as Ms. James’s book gets. But the opportunities for humor are rife, and this show’s script takes full advantage.

Ms. Frotton doubles nicely as Ana’s slatternly roommate, Katherine, while Ms. Ward evolves amusingly from frump to aggressor. The willowy Ms. Williamson has a delightfully saucy zeal.

Directed by Al Samuels and Rob Lindley, the show barrels along with a score steeped in show tunes, R&B, gospel and Gilbert and Sullivan. The nudity is PG, but the lyrics are a hard R, packed with references to various practices and orifices. John Dunnett’s pleasing costumes include tacky suburban wear, glittery church robes and all-purpose (and I mean all-purpose) leather wear. The choreography, by Mindy Cooper, is accompanied by a crack trio: Michael Thomas Murray, the musical director, on keyboards; Lavondo Thomas on bass; and Michael Shapiro on drums.

As the two lovebirds — bondage birds? — approach the finale, they confront each other.

“This is real life; this isn’t a book,” Ana says. “If it was, it would be terrible.” Can’t argue with that. Fortunately, “50 Shades!” is a musical parody, and a very entertaining one.