Sentence:  In truth the gags seldom rise above the level of an undergraduate <WSD>Rag Week</WSD> but speed, quickchange wigs and sheer chutzpah from Russell Bentley, pretty blonde Marianne Levy, Joel Brookes and Teddy Lawrence give wicked twists to such as 'Richard and Judaism', a Who Wants to be a Millionaire? contestant whose phone-a-friend is his argumentative Jewish mother, a wondering 'Wandering Jew' and a savage Shylock rehearsal scene. 
Meaning of the word marked with <WSD> tags:  An annual event in many universities where students engage in unusual activities to raise money for charity.