The standard fare usually includes a small cast, and sometimes the actors may "perform" more than one role. A full play (or one act) is literally "read" in front of an audience. The actors still Perform their roles, but from a seated position (usually perched upon barstools wearing regular clothing instead of costumes), so they need to be familiar with the material, but not so much as every word must be memorized. A narrator is usually also cast, to help the audience visualize the action taking place. This format has often been compared to old-time radio dramas ("The Shadow," "Fibber McGee and Molly," "Boston Blackie"), where the audience can use their imagination to paint a picture.
There is also a format called a "Staged Reading." Here, there may be some semblance of a set, and the characters may be costumed. For the most part, staged readings have the look and feel of a full production, but the actors still carry the scripts with them. It may appear at first that you are actually watching a rehearsal, until you realize the character development and other aspects of the theatrical production far surpass the beginning stages of any play. You get all the benefits of watching a complete play, with fewer resources and a shorter rehearsal period.

Charles Dickens' A Christmas Carol directed by Karla Hinton
The Christmas Carol by Charles Dickens
Charles Dickens' Christmas Carol