Paint at least one wall a semi-glossy black. Black box theaters are a popular theatrical set style; they consist of floors and ceilings that are painted black and changed with each show. This will replicate that. Paint the surrounding walls white to provide visual contrast and to prevent the room from looking too dark.
Hang up theater-related memorabilia on your black wall. Find different styles of comedy/tragedy or comedia del arte masks. Frame posters from local theatrical productions and hang up mirrors that look as if they've come from a production of “Snow White.” Add candle sconces for atmosphere. Frame autographed head shots of actors whose plays you've seen and hang them on this wall as well.
Paint shadowboxes black to resemble your black box theater and fill them with items such as small props from a local production you acted in, as well as its program. Either hang these on the walls or set them up in a display on some floating shelves.
Find an antique steamer trunk and fill it with theatrically related items such as clown noses or tap shoes. Fill the drawers of the trunk with these items. It should look like a trunk that you'd see backstage at a vaudeville show. Decorate the trunk with stickers or programs from different vaudevillian style shows. Stick these on the trunk using craft glue and Shellac them when the glue dries to protect them.
Set up a dress dummy in one of the room's corners. Dress it in the costume of a famous theatrical character such as Christine from “Phantom of the Opera.” Use photos from a theater production of the show to create your costume or make up a theatrical-looking costume of your own. Dress the dummy in feathers, masks, hats and long gloves.
Set up a large L-shaped couch to give the room a green room kind of vibe. Position a low-lying coffee table in front of it and situate a couple of director's chairs opposite the couch.
Set up a collection of theater themed dolls, such as clowns. Use different kinds of dolls for this display, such as ventriloquist dummies, as well as collectible porcelain dolls. Display them on a decorative shelf or in a display cabinet.