DECEMBER 11, 2002 BOB'S HOLIDAY OFFICE PARTY A drunken alternative to Frank Capra’s It’s a Wonderful Life, Rob Elk and Joe Keyes’ hysterical paean to "small-town America, where life happens," directed with Justin Tanner’s comic touch, concerns the booze-addled exploits of Neuterberg, Iowa, insurance agent Bob Finhead (Elk) and his oddball clients. Sheriff Walker (Keyes) thinks his A.A. program disallows beer but not "liquor," pothead Marty’s (Mark Fite) bumper sticker reads "My Other Car Is a Bong," and farming sisters La Voris (Cheryl Hawker) and La Donna’s (Maile Flanagan) combine doubles as a trailer when they’re really too smashed to drive. Meanwhile, Bob dreams of leaving town to become an inventor. What ensues is an evening of uproarious debauchery culminating in Bob’s friends laboring to keep him home. Ann Randolph steals the show as town slut Brandy and her identical twin, folksinger Carol. Hudson Avenue Theater, 6539 Santa Monica Blvd., Hlywd.; Thurs.-Sat., 8 p.m.; Sun., 7 p.m.; thru Dec. 21. (323) 856-4200. Written 12/12/02 (Martín Hernández)