If in doubt, begin with a ridiculous premise. Just ask Tony Hawks. Shakespeare's early comedy opens with a contract between King Ferdinand of Navarre (Kobna Holdbrook-Smith) and his three chums, Berowne, Longaville and Dumaine. Hoping to achieve fame as noble ascetics, the quartet have sworn "Not to see ladies, study, fast, not sleep" for three years.

But the ink is still wet when they remember the impending arrival of the Princess of France. Oops. And so begins a hopeless contrivance - Princess Ida without Sullivan - of misdirected letters, eavesdropping, disguises, and ropey poetry . . . with (it has to be true occasionally) hilarious consequences.

Given the play's emphasis on wit, Trystan Gravelle shines as the punning cynic Berowne. William Mannering renders a heroically silly Longaville, making the most of the physical antics worked up by Dominic Dromgoole's playful direction. David Oakes gets a raw deal: Dumaine is a dud part.

The Princess of France and her three ladies-in-waiting hold their own with some frequently unladylike rapid-fire repartee. Michelle Terry (the Princess) and Gemma Arterton (Rosaline) get the lionesses' share of the bitchy back-chat, ably bolstered in their endeavour by Paul Rider as the attendant French lord, Boyet (in what amounts to the gay best friend' role: fingers crossed for the teen movie remake). Together they embarrass their suitors at every turn - "Mock for mock is only my intent . . . They are worse fools to purchase mocking so".

The other characters are straight from the commedia dell'arte rule-book. Timothy Walker's Don Adriano de Armado provides cannon-fodder for the perennial Elizabethan game of Mock The Spaniard. The Don is looked after by his trusty Moth (Seroca Davis), not least because he has designs on the girlfriend of one Costard, a rustic' played neatly (by Joe Caffrey) as an Eric Morecambe-style idiot savant. And Christopher Goodwin and John Bett as the wonderful Holofernes and Sir Nathaniel, everyone's favourite mad teacher and his doddering clergyman friend, talking rot in half-learned "scraps" stolen from the "great feast of languages".

There are also charming cameos from deer (manually operated) and pigeons (as nature intended, albeit encouraged by comestibles on the stage). Entertaining guest-fauna aside, the audience loved keeping pace with the banter, and generally enjoyed the obvious fact that the cast were having fun. If indeed "A jest's prosperity lies in the ear/Of him that hears it", then this production is rich indeed. As soon as I can drum up a half-decent excuse (and a tenner) I think I'll go again.

Love's Labours Lost is at Shakespeare's Globe unitil October 7. Box office tel: 0207 902 1400.