What would William Shakespeare being writing about if he was shacked up in Essex today? Russell Kane's Fakespeare gives you some idea, in what is the latest in a fine run of shows at Soho Theatre.

The story of Russell Kane's Fakespeare may be less bloody than Macbeth, less cross-dressy than Twelfth Night and less statue-coming-to-lifey than Winter's Tale, but nonetheless it's seen a pretty dramatic rise.

The show – a comedy play about a bankrupt, suicidal Essex banker called Nigel, written in Elizabethan English – has been on a national tour, but it started life as a bit of larking about within a stand-up routine, before becoming a full-length show. It then received an unexpected official thumbs up from the Royal Shakespeare Company, before selling every single ruddy ticket at Edinburgh 2009 and embarking on the current tour.

There is now even talk of a second grand tour without even the traditional anchor of an Edinburgh run behind it. All pretty impressive given so many people run a mile at the mention of the Bard, scarred from interminable, stagnant English lessons of their youth.

Just as well it's so successful. Ever tried writing in Elizabethan English? It's a pain in the arse. You have to grapple with such sexy linguistic devices as iambic pentameter (phwoaaar) and blank verse (oooh baby) and come out with an accessible 60-minute show. But Kane obviously relished that mighty task. Keeping the subject matter trashy and contemporary was key.

He says: "There's tons of stuff out there where they do that Oxbrige thing of playing around with Shakespeare's writing but no one's ever attempted to turn that notion on its head – taking Jodie Marsh or Jordan and applying the syntax and linguistic discipline of Elizabethan English. So you have to imagine people from Essex speaking in Elizabethan English, talking about shagging behind a skip and Burger King.

"What you get is this amazing gap between the poetic form and the material. There's so much scope for having fun; I can be silly and base one moment, soaring and lofty the next."

The 29-year-old is best known for his stand-up, of course. He is a thrice Edinburgh Comedy Award nominee (including for his latest stand-up show, Human Dressage) and has appeared on the BBC's Live at the Apollo. As a TV presenter he has hosted Big Brother's Big Mouth and I'm A Celebrity ... His stand-up is peppered with references to his Essex background, and Fakespeare is no different, being set in the county (Nigel is helped through his Hamlet-esque existential crisis by his secret lover, Donna from Billericay). And it seems this foray into play writing may further improve his stand-up.

"This has changed how I use my voice as I've learned speaking and breathing techniques. You can see it in people like Hal Cruttenden and Reginald D Hunter as they've had the voice training. I've been criticised for not finishing my sentences or being hard to understand when the adrenaline is flowing; now when I'm on stage, I know which words to pick out, which lines to following through to the end, so I think it has been a help."

Old Will sure knew his way around a simile. So Russell has kindly stepped into his shoes to imagine how the Bard would comment on some contemporary issues ...

MPs' expenses scandal: "Thou art more corrupt than a geek's hard drive"

The Oscars: "Thine Oscars are more packed with talent than a Southend night club"

London Olympics: "Thine Olympic village is more poorly erected than a Grandad's porch."

Fakespeare is on at the Soho Theatre from March 9-13, 8pm (9.45pm on March 12), call 020 7478 0100 for tickets.