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From Busby Berkeley extravaganzas through the Cirque du Soleil (whose most recent Las Vegas aquatic attraction is seductively titled “O”), water has long figured prominently in American live entertainment. But one does not usually expect to see gallons of the wet stuff in an off-Loop Chicago theater — especially in a show based on the work of a Roman poet.

But a big pool of water features prominently in Mary Zimmerman’s new Lookingglass Theatre production of “Metamorphoses,” an adaptation of Ovid’s masterpiece.

Structured chronologically and spanning a time-period moving from the creation of the world through the reign of Julius Caesar, “Metamorphoses” is a mythologically based collection of different stories about characters who change shape. And that’s part of the reason why Zimmerman (a widely acclaimed adapter and director who’s also a Goodman Theatre artistic associate) wanted to do it with water.

“Water is such a transformative element,” Zimmerman says (she’s worked in the wet before at Northwestern University). “And since this is a play about transformation, it seemed like the most appropriate medium for the subject matter.”

Lookingglass has not moved an Olympic-sized swimming pool into the Ivanhoe Theatre (where the production opens on Sunday), but a rather smaller pool that varies in depth from about an inch to a little more than a foot. Still, that was more than enough to make for what Lookingglass’ artistic director, Heidi Stillman, describes as “a very challenging set of technical rehearsals.”

Anyway, Zimmerman says that it doesn’t take a tidal wave to engender all kinds of fluid creative possibilities. “Water is a corruptive and changing force, as well as baptismal and purifying,” she says. “The arc of a splash amplifies every gesture an actor makes. And large amounts of water being displaced provides a sound that you don’t often hear indoors.”

Next up for Lookingglass (with an opening slated for February at the About Face Theatre) is a new piece by ensemble member John Musial about the Chicago Fire. Stillman promises “lots of projections, puppetry and spectacle, as well as personal accounts from people who were in the fire.” But there are no plans for real flames, which suggests there are limits to harnassing the elements for dramatic purposes.

“We might be soaking the Ivanhoe,” says Stillman, “but we don’t want to burn down any theaters.”

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In Chicago’s competitive theater market, it’s difficult for itinerant companies to carve out an identity. Good rental space is scarce and expensive — and audiences become confused when troupes wander from one storefront to another.

That’s partly why the Breadline Theatre Company struggled here last season, even though this experimental company carved out a strong reputation in Bloomington before moving to Chicago last year. Happily for Breadline, the esoteric but energetic troupe was working feverishly last week to complete construction on its own theater space before Friday night’s scheduled opening of “Elixir,” an original farce set in a 19th Century debtors prison.

Located at 1802 W. Berenice St. (a block away from the American Theatre Company), the non-profit Breadline’s new home is a flexible black-box carved out of a former photographer’s studio. Ensemble member Jessica Raab says the new space seats about 50 people and will be well-equipped (by storefront standards, at least).

When Breadline is not performing a planned three-show season, the theater will be available for other groups, thus increasing the scarce inventory of small performance spaces. And where did the money come from?

“Out of the ensemble members’ pockets,” says Raab (who says the company is seeking grant and other funding). “But it’s worth every penny to have our own hole-in-the-wall.”

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Given the economic failure of “The Pack is Back,” a previous Rat Pack-themed show, and the general recent overexposure of the work of the late Frank Sinatra, many people expected “His Way — A Tribute to the Man and His Music” to do very poorly this fall at the Mercury Theatre. And, as is often the case with shows based on celebrity appeal, many critics declared this musical tribute to the singular crooner both mawkish and forgettable.

But Ron Hawking, the singer who self-produced, wrote and starred in this concert-style evening, has proved everybody wrong. Last week, his popular show was extended again, through Jan 3. That will give “His Way” a six-month run — a rare beast indeed in the Chicago market.

The success certainly is good news for the likable Hawking’s once-depleted pocketbook (ticket prices edge up to $34.50 for the holiday period and there are several added performances). And it’s also music to the ears of Michael Cullen, owner of the Mercury Theatre, whose neighboring restaurant has been ringing with business.

After a string of tanked shows — including overextended magicians and failed musical revues — Cullen says he’s happy that his theater is finally filled every night with a profitable blend of young martini-sipping hipsters and those who have long made love to the sounds of the Chairman of the Board.

The bad news for serious theater lovers is that Cullen’s plans to produce the off-Broadway hit “The Last Night of Ballyhoo” are awaiting the demise of “His Way.”

“As soon as we know when that show is closing, we’ll be announcing plans for `Ballyhoo,’ ” says Cullen. If Hawking keeps up this kind of business, that may be a very long wait.