I got to see opening night last night at the New York Musical Theater Festival, and I just about died. It was fantastic. As soon as I heard they were turning one of my favorite movies into a musical, I knew I had to see it! And it did not dissapoint. It's currently completely sold out for every show, but if you get there around 30 minutes early, they start a list. And at 8:00, they see how many empty seats/unclaimed tickets there are and start going down the list (that's how I got in last night). It's only $15, and well worth the money. It's funny as hell and adorable at the same time, and the actors do a great job. There are a couple of overly-cheesy lyrics, but the rest of them made up for it. Plus, the theater is small, so ANY seat is a good seat. I know I, for one, will be back in the cancellation line at least once next week.
Showtimes are pretty randomly scattered, but they're all listed at www.NYMF.com

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