What if DreamWorks Pictures/DreamWorks Animation was founded in 1934?/DreamWorks Live!/Shrek Live!

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Act I
Our story begins with Joey Kangaoo telling the audience the story of an ogre named Shrek, and how, on his seventh birthday, his parents send him out of their house and into the world to make his living. They warn him that because of his looks, everyone will hate him, and he will not have a happy ending. Laguirucho interrupts the story by remembering "not forgot telling about the princess", before Joey slams the book shut claiming a "technical hitch". Later, an embittered, hardened Shrek is living contentedly alone in a swamp ("Big Bright Beautiful World"). His solitude is disrupted when all the fairy-tale beings of the land begin showing up on his property, including Pinocchio, Peter Pan, the Big Bad Wolf, the Three Little Pigs and Humpty Dumpty. They reveal of their exile from the Kingdom of Duloc, by order of the diminutive Lord Farquaad ("Story of My Life"). Shrek decides to travel to see Farquaad to try to regain his privacy with much encouragement from Pinocchio and the gang ("The Goodbye Song"). Along the way, Shrek reluctantly rescues a talkative Donkey from some of Farquaad's soilders. Donkey insists on tagging along, making Shrek see that they are more alike than he thinks.

Meanwhile, Lord Farquaad is torturing Gingy the Gingerbread Man into revealing the whereabouts of the princess he wishes to marry to become king. The cookie reveals that Princess Fiona is currently trapped in a castle surrounded by lava and guarded by a fire-breathing dragon. Farquaad rushes out to prepare for the wedding, before Gingy (who is subsequently taken to the swamp) can tell him what happens to Fiona at night. Shrek and Donkey arrive in Duloc and make their way to Farquaad's palace. Elsewhere, Farquaad performs a musical number to his people ("Welcome to Duloc" / "What's Up, Duloc?"). Shrek and Donkey approach Farquaad. Impressed with the size and appearance of the ogre, Farquaad demands that Shrek undertakes the rescue, and in return, Farquaad promises he will give Shrek back his swamp.

Shrek and Donkey set off to find the princess. As they discuss the tale of the damsel-in-distress, the story goes back to a seven-year-old Fiona, dreaming of the brave knight who, her storybooks tell her, will one day rescue her from her tower, and end her mysterious curse with "True Love's First Kiss". As she grows into a teenager, and then a headstrong woman, she becomes a little bit stir-crazy and bi-polar, but she never loses her faith in her fairy tales ("I Know It's Today"). The two unlikely friends set off to find Fiona, with Shrek becoming increasingly annoyed with the chatterbox Donkey as time progresses ("Travel Song"). After crossing the rickety old bridge and arriving at the castle, Shrek sets off alone to rescue Fiona while Donkey encounters a ferocious female Dragon who initially wants to eat him, but then wants to keep him for her own after Donkey manages to charm her ("Donkey Pot Pie"). When Shrek finds Fiona, his lack of interest in playing out her desired, romantic rescue scene annoys her, and Shrek must drag her off by force. The two of them reunite with Donkey and all three attempt to escape while being chased by an angry Dragon. Shrek traps Dragon and they get to safe land ("This Is How A Dream Comes True"). Fiona then insists that Shrek reveal his identity and is appalled that her rescuer is an ogre and not the Prince Charming her stories indicate. Shrek explains that he is merely her champion; instead, she is to wed Lord Farquaad. The trio begins their journey back to Farquaad's palace, but Fiona becomes apprehensive as the sun begins to set. She insists that they rest for the night and that she spend the night, alone, in a nearby cave. Donkey and Shrek remain awake, and Donkey, delighted at being referred to by Fiona as a "noble steed," asks Shrek who he would be, if he did not have to be an ogre anymore. As Shrek opens up to his new friend, Fiona, transformed into an ogress, stands apart and alone in the moonlight and listens ("Who I'd Be").

Act II
The next day, Princess Fiona rises early and sings with a bluebird and dances with a deer (before making the bird explode and throwing the deer off a cliff) and assists a Pied Piper in his rat-charming duties ("Morning Person"). Shrek brings down her mood by attempting to give subtle hints about her groom-to-be ("Men of Farquaad's stature are in short supply", "He's very good at small talk", etc.) and mocking her tragic childhood circumstances. The two begin a contest of "one-upmanship", each trying to outdo the other by revealing their respective pasts ("I Think I Got You Beat"). Both admit to being thrown out by their parents; this connection, as well as bonding over a love of disgusting bodily noises, kindles friendship.

Meanwhile, back in Duloc, Lord Farquaad plans his wedding, and he reveals his own sordid heritage after his right-hand man Thelonius insists that Farquaad should invite his father ("The Ballad of Farquaad"). As Shrek and Fiona's newfound camaraderie grows into love, Donkey insists, with the help of the three blind mice, that Shrek should gather his courage and romantically engage Fiona ("Make a Move"). Shrek, finally beginning to come out of his caustic, protective shell, tries to find the words to explain his feelings to Fiona ("When Words Fail").

While Shrek is out finding a flower for Fiona, Donkey discovers that Fiona turns into an ogress at night, and she confesses that she was cursed as a child, which is why she was locked away in the tower. Only a kiss from her true love will return her to her proper form. Shrek arrives near the end of the conversation and misunderstands Fiona's description of herself as an ugly beast to be referencing him. Hurt by her presumed opinion, Shrek storms off. The next day, transformed back to her human form, Fiona decides to tell Shrek about her curse ("Morning Person (reprise)"). When Fiona tries to explain, Shrek rebuffs her. During the night, Shrek was contacted by Lord Farquaad, who arrives now to claim Princess Fiona. While not very impressed with Farquaad, Fiona agrees to marry him and insists that they have the wedding before sunset. As they ride back to Duloc, Donkey tries to explain the misunderstanding to Shrek (who is too angry to listen), and Shrek rejects him as well, declaring that he will return to his swamp alone.

The fairy tale creatures, now headed for a landfill which is to be their new home, decide Farquaad's treatment of them is intolerable. Just because they are freaks does not mean they deserve to be hated. Gingy, Pinocchio and the others gather new confidence and strength in themselves as they declare they will raise their "Freak Flag" high against their tormentors ("Freak Flag").

Shrek returns to his again-private swamp, but he misses Fiona. Donkey follows him back, and convinces Shrek of his friendship by forgiving the ogre for his harsh words. Shrek apologizes, and Donkey convinces him that Fiona really cares for the ogre. Both of them hurry back to Duloc. Shrek interrupts the wedding before Farquaad can kiss Fiona, and Fiona convinces him to let Shrek speak with her. Shrek finally finds the words to express his feelings for Fiona, and he declares his love for her ("Big Bright Beautiful World (reprise)"). However, his declaration of love is mocked by Lord Farquaad. Caught between love and her desire to break the curse, Fiona tries to escape the event, but the exiled fairy tale beings storm the wedding and protest their banishment. They are accompanied by a grumpy little dwarf, who is, in fact, Farquaad's father. Farquaad claimed earlier that Grumpy abandoned him in the woods as a child, but the dwarf reveals the true reason he kicked Farquaad out: He was, in fact, 28 and wouldn't move out of his basement. During the argument, the sun sets, causing Fiona to turn into an ogress in front of everyone. Farquaad, furious and disgusted over the change, orders that Shrek be killed and Fiona banished back to her tower. As Farquaad proclaims himself the new king, Shrek whistles for the Dragon (who has now escaped the castle), who crashes through the window with Donkey and destroys Lord Farquaad. Admitting their love for each other, Shrek and Fiona share a kiss. Fiona's curse is broken and she takes her true form: an ogress. At first, she is ashamed of her looks, but Shrek declares that she is still beautiful. Shrek and Fiona begin a new life together, as everyone celebrates what makes them special ("This Is Our Story"). They all live happily ever after ("I'm a Believer").