You should read Neil Gaiman's take on it in his Sandman series. In animation, The Spectacular Spider-Man had a wonderful spin on it by devoting half a season to Peter and his friends rehearsing it as their high school play and then an entire episode was devoted to the Spidey supporting cast acting out the play (with Spider-Man and villains inspired costumes no less!) intercut with scenes of Spidey taking on the Sinister Six.
I'll always be grateful to Sony for producing that magical show no matter how much they keep dropping the ball when it comes to big screen live action. We lost it too soon.
Btw, Disney did have a Midsummer's animated short with Mickey, Minnie, Donald and Daisy playing the roles of the four lovers.