Something Rotten!, Lyric Stage Company of Boston, through June 7. 617-585-5678 or LyricStage.com

Call "Something Rotten!" an often silly but inspired homage to Shakespeare, much as "Spamalot" proved a wild tribute to King Arthur and the Lerner and Loewe musical "Camelot." Imagine two very different but close brothers attempting to create a play good enough to rival those of their legendary contemporary William Shakespeare. Picture the Bard of Avon as an Elizabethan-era rock star with adoring groupies. Add in the famous Jewish merchant Shylock (from "The Merchant of Venice") as a would-be investor in the siblings' ambitious enterprise. What you have is the madcap hit Broadway musical "Something Rotten!" — now in a riotously hilarious revival by the Lyric Stage Company of Boston.

Set in 1595 South London, the Tony Award—nominated 2015 musical — with a snappy and witty score by Wayne and Karey Kirkpatrick and a clever book by Karey Kirkpatrick and John O'Farrell — immediately embraces the spirit of the times in a high-spirited number entitled "Welcome to the Renaissance." Thanks to Christopher Shin's exuberant choreography, the talented Lyric Stage ensemble greets the possibilities of the Renaissance with impressive leaps and high kicks. Indijhan Richard displays great authority and a strong vocal delivery as Minstrel in this eye-catching entry to the world of Shakespeare, Christopher Marlowe and Ben Jonson, as well as newbie dramatists Nick and Nigel Bottom (their last name an allusion to Bottom in "A Midsummer Night's Dream").

Outspoken Nick speaks of hating Shakespeare and calls him a "hack with a knack," while reticent Nigel regards him as a genius. Even so, both share a desire to put together an original work to be staged in London. Early on, Shylock seeks to invest in their efforts despite opposition to Jews doing so (since the expulsion of Jews from England in 1290). Uncertain about the viability of the venture, Nick consults the legendary soothsayer Nostradamus, who advises him to create a musical and explains that in this genre, the plot is largely delivered through song. Here, the Kirkpatricks go to town with an extended number disarmingly entitled "A Musical." Musical buffs can expect to hear a bountiful number of allusions here and later to such famous shows as "Fiddler on the Roof," "Phantom of the Opera," "Evita," "Rent," "Dreamgirls" and even an amusing sequence in which ensemble players hold up head shots à la "A Chorus Line."

Adding to the show's creative fun in the second act, confusion about Nostradamus' predictions leads to the Bottoms mistakenly calling their musical "Omelette" and focusing on the food staple eggs (where the audience will immediately realize that the soothsaying was about the great play "Hamlet"). As much of a showstopper as the first-act "A Musical," the second-act "Make an Omelette" makes the most of Chloe Moore's very funny egg costumes and Shin's spunky choreography. The sublimely silly but always satisfying book ultimately looks to America, where musicals will find their true home.

Under Ilana Ransom Toeplitz's impressive direction and Katya Stanislavskaya's robust musical direction, "Something Rotten!" finds an equally satisfying home at the Lyric Stage. Ryan Mardesich has all of Nick's seriousness about writing, his ongoing antagonism to Shakespeare and eventual understanding of the actual wisdom of his poetry-centered brother. For his part, lanky Ohad Ashkenazi displays real comic talent in his body language as seemingly nerdy Nigel and good chemistry with Lauren Dodds, fetching as love interest Portia. Kristian Espiritu finds all of Bea's free spirit and inner strength with husband Nick.

Gifted veteran Bobbie Steinbach — who often plays pivotal male roles on stage — has a field day delivering Yiddish expressions as resourceful Shylock. Joy Clark is a hoot as purposely wacky Nostradamus. Jared Troilo turns in a virtuoso performance as the musical's roguish Shakespeare. In movement, voice — especially evident in the first-act winner "Will Power" — and disguise while spying on the Bottoms, this uncommonly versatile actor captures the show's sometimes edgy portrait of the Bard.

Recently, the Lyric Stage brought new understanding to the disarming Thornton Wilder classic "Our Town." Director Toeplitz and a treasure trove of talents have turned "Something Rotten!" into an equally fresh and rich revival.