When it comes to potential for satire, E. L. James’s she-porn best seller “50 Shades of Grey” seems as easy a target as you could shake a sex toy at. That said, “50 Shades! The Musical — The Original Parody,” an exuberant takeoff now at the Elektra Theater, handily delivers the goods.

Carol (Ashley Ward), Pam (Chloe Williamson) and Bev (Kaitlyn Frotton) are vetoing ideas for their book club — a Martha Stewart collection of soup recipes and “The Diary of Anne Frank” (“I loved the beginning,” Pam says, “but I hated the end”) — before Pam suggests “50 Shades of Grey.”

Then the rest of the cast enters to begin, in a parallel narrative of sorts, a comic re-enactment in which the virginal college student Anastasia (a wide-eyed Amber Petty) meets the bondage-inclined tycoon Christian Grey (an often hilarious Chris Grace), who, ever the businessman, demands that Ana sign a contract agreeing to submit to his peccadilloes.

Her hesitation is as suspenseful as Ms. James’s book gets. But the opportunities for humor are rife, and this show’s script takes full advantage.