An interactive system and method of the present invention provides a customized experience to individual spectators of a live performance. At least one virtual reality device is associated with a spectator of the live performance, and each virtual reality device is coupled to a processor to independently receive real time virtual reality sensory effects projected from the processor in response to parameters selected by the associated spectator. The virtual reality device may be for example eyewear which projects the real time virtual reality sensory effects as substituting in effect for visual effects associated with the actual live performance. Selectable parameters may include one or more of a visual perspective for the spectator, costumes associated with performers, and background scenery elements.