Complex sentence: Liz tells Tracy to go out on stage and talk, much to "The Girlie Show" studio audience's delight and co-star Jenna Maroney's (Jane Krakowski) shock.
Split into simpler sentences: Liz tells Tracy to go out on stage and talk, which he does. This is much to "The Girlie Show" audience's delight, but co-star Jenna Maroney's (Jane Krakowski) shock.