Lively theatrical performance by university in Florida (7)
I believe the answer is:
playful
'lively' is the definition.
(I've seen this before)
'theatrical performance by university in florida' is the wordplay.
'theatrical performance' becomes 'play' (I've seen this before).
'by' means one lot of letters go next to another.
'university' becomes 'u'.
'in' indicates putting letters inside.
'florida' becomes 'fl'.
'u' placed inside 'fl' is 'ful'.
'play'+'ful'='PLAYFUL'
(Other definitions for playful that I've seen before include "Fond of games; light-hearted" , "In high spirits" , "Full of fun" , "Lively" , "Fun-loving" .)