''Well, I'm in a tizzy, um,'' he begins, in his mocking, high-pitched voice. ''It's my day and it is not ruling.'' (Ruling, once part of the street argot of the 1960's, is the current chic word for (Continued on Page 54) being cool or powerful, for controlling a situation.) ''I'm really upset, O.K.?'' the voice continues, ''because what I wanted to do was borrow a tuxedo from Dianne [ Brill ] , and let me tell you that Dianne's tuxedo runs really large, O.K.? I mean extremely large. And so I had to go out and buy my own pants. And the belt and the jacket's still too big and stuff. So I mean the money I spent I could have, like, rented a tuxedo on my own, so why did I go to Dianne? At any rate, I wanted to start off in Dianne's tuxedo to be photographed in and, you know, eventually sneak my way into the party dress I wore in the picture on the invitation and then change into that red dress from La Coppia, and I called La Coppia and they said, sure, sure, sure, no problem. I went there and they had sent the dress to be photographed for Harper's Bazaar and so I can't use it and I'm really upset because it left me with nothing to wear. [ Big sigh. ] So I think I'm just going to end up wearing the little party dress.'' And on and on.

Finally, the beep sounds. ''I have unlimited message time,'' Lisa explains. Across from her bed, there is another loft space that looks like a teen-ager's tree house. It is draped with an American flag and stuffed with Peter Max plastic pillows, a Keith Haring plastic shopping bag, a sculptured head Lisa made when she was 15, a banner from a New Year's Eve show at the Essex House in which she appeared with Julio Iglesias.

Lisa's friend Zan Eisley arrives with a script she has written. Zan wants Lisa to play the lead in a short movie she is making for her New York University film class.

The script, ''Turtleneck,'' begins with the stage direction: ''She is nude. Her body is covered with scars. She picks a turtleneck off the floor and pulls it over her head, fastidiously fixing the neck and sleeves so that no scars show. Only then does she walk to the window.''

As she eats her vegetarian dinner -take-out broccoli from a Chinese restaurant - Lisa is asked how she feels about doing a nude scene. ''A nude scene like that is not - what's the word? - exploiting me.'' She and Zan dissolve into laughter. an tells her about a wonderful Joan Didion essay she has read called ''Goodbye to All That.'' ''It's about being young in New York and the feeling that you can do anything and take it all back if you want to. But then you realize you can't take it all back.''

But Lisa is not yet ready to worry about what you can or can't take back. She is reading her fortune cookie: ''The path of life shall lead upward for you.''

''Thank goodness,'' she grins, popping a piece of Bazooka into her mouth.

She goes to get dressed. It's Cinderella time. Lisa's closet is not your typical college student's. It is filled with dresses with cutout necklines and cutout backs; dresses covered with black beads and blue sequins and white glitter. On the top shelf are rows of black, white and silver high heels.