It's only been two hours since Lucy started writing the play, so Ethel is surprised it's done; the play is 125 pages long. It's physically impossible to type 125 pages in two hours. Even with today's modern equipment, five days is more realistic.
Lucy picks up the play and tells Ricky it's 125 pages dripping with various qualities. But she's actually only holding about 10 or 12 sheets of paper.
After Ricky comes onstage doing the Cuban version, they talk backstage about what to do. Lucy hands Ricky the British script, saying this is what we're doing now, and we need to change so we're all doing the same version. He takes the British script and leaves to change costumes. But when they're all back onstage, the women have also changed--now they're doing the Cuban version and Ricky British.
The play Lucy mimes [at the beginning] bears no resemblance to the play as shown. Lucy mimes arguing with, and being stabbed by, another person, but the play contains no such scene, and is described by Lucy as a tender love story.