With slapstick confusion, magic potions, and Shakespearean references galore, Craig crafts a modern-day Midsummer Night's Dream in the story of a husband and wife vacationing at an Italian villa with their wacky friends and family. But often her efforts to re-create the Bard's tale prove more distracting than enchanting. (Must the Nick Bottom-like Guy have actual tufts of hair on his ears and a ''braying laugh''?) The beginning doesn't show Shakespeare's knack for cutting straight to the drama -- Craig luxuriates too long in idleness before showing the love. The conclusion, however, manages to surprise in a way old Will never dreamed of.