Bohdi! This is your wakeup call! I AM AN F-B-I AGENT!”

Keanu Reeves’ screamed warning to Patrick Swayze in the action-packed surfer/heist film, Point Break, is an iconic bit of movie dialogue.

Not that it’s particularly important, revelatory, poignant, or even well written. But it’s immensely quotable, and delivered with absolute scenery chewing gusto. As are most of the lines in Kathryn Bigelow’s 1991 film about an FBI agent (Reeves) who infiltrates a gang of extreme surfers, led by a charismatic adrenaline junkie (Swayze), who rob banks while dressed as former U.S. presidents when not tackling waves or jumping out of airplanes. The consistent over-the-top quality has elevated the film to cult status, one best enjoyed with friends and fellow fans, shouting lines back-and-forth with beers firmly in hand.

Given this success, it’s no surprise that Point Break would break free from the constraints of cinema and evolve into something larger, more direct and immediate. “Point Break Live,” a show running at the small New Rock Theater on North Elston through August, does exactly that, transforming the film into a stage event that captures both its whiz-bang, cheesy intensity and the communal experience loved by its fandom. And it’s absolutely, hilariously insane.

“Point Break Live” comes to Chicago with a built-in buzz, having bowled over audiences in New York, Los Angeles and San Francisco. It’s easy to see why. Far from a traditional stage-play, “Point Break Live” morphs the film into a completely immersive experience, with the action taking place all around, above and often on the audience.

Fake blood, gunfire and water fly all around the small New Rock space as audience members become bank patrons during robberies and join surfers as they take to the water or don parachutes for flight.

This is not a show for the squeamish or shy, by any means. A “survival pack” complete with a rain parka and fake money for the robbery scene is available for purchase uber-cheap upon entering the theater and purchase is highly recommended. Poor souls caught without both end up wet and hassled by show’s end.

Balancing the action is an expert cast that adds hellfire comedy to the mix, amping the film’s already funny melodrama to absurd levels. Matthew Peck is perfect as Bodhi, the head of the surfer clan, channeling Swayze at his most ridiculous, narcissistic and subtly homoerotic. This energy flows through the entire surfer gang. They are a ball of absolute hyperactivity and master ad-libbers.

The star of the show is the actor portraying Keanu Reeves’ FBI agent Johnny Utah, though. Who is this actor? The answer is the play’s divine brilliance.

Banking on the premise that an unprepared person doing a straight, unprepared script reading will capture the “raw” quality of Reeves’ on-screen performance, “Point Break Live” chooses someone new from the audience each night to play their lead. Donning a wet suit, the “actor” is forced through the show’s motions with help from the cast and audience while reading lines unrehearsed from cue cards. The self-deprecating feats that the volunteer endures — being tackled, tossed about, drenched, hung from rafters — are absolutely hysterical.