Hopes and dreams coalesce with fear and rejection in “A Chorus Line,” the Pulitzer- and Tony Award-winning musical that remains as potent today as it was in its Broadway debut in 1975.

University Theatre’s production may be its finest musical in the last four years — the rousing production of “Chicago” in 2008 not withstanding.

Director Lyn Cramer has put together an enormously talented cast, bursting with energy and enthusiasm unfaltering, and the result is a breathlessly thrilling foray into the world behind a Broadway production.

In the musical, 17 dancers are looking to make it onto a Broadway chorus line — a grueling audition process led by the imposing Zach (OU alumnus Jet Thomason). Over the course of the audition, Zach extracts the life stories of each of his potential dancers, some of whom are on the upswing of their career and some who can see the end approaching quickly.

“A Chorus Line” pinpoints insecurity in its characters like a laser, resulting in illuminating capsules of humanity amidst technically demanding dance numbers. Certainly, the cutthroat world of theater is examined, but the show digs deeper into the universal aspects of hope and failure that anyone with any desire can relate to.

Among the dancers are Sheila (musical theater sophomore Shannon Hucker), an aging vixen; Paul (musical theater senior Ryan Koss), a former drag show star; Val (musical theater senior Kasey Walker), a recently enhanced sexpot; Bobby (musical theater senior Ryan Fitzgerald), a frequently misunderstood kid from Buffalo; and Cassie (musical theater senior Mackenzie Warren), Zach’s former lover whom he believes is too good to be stuck in the chorus.

While Zach and Cassie’s tumultuous past comes up throughout the show, it never dominates the storyline. Instead, we get distinct impressions of each character vying for a spot — not an easy task when there are 17 to cover in a little more than two hours.

The show accomplishes this using a variety of methods, shifting seamlessly from expressive dance numbers (Warren stuns in the emotional “The Music and the Mirror”) to extended monologues (Koss delivers a captivating retelling of Paul’s childhood and fractured identity). “A Chorus Line” may be remembered for its nearly wall-to-wall dance, but it excels even with a single voice coming from the stage.

Vocal performances are strong as well, with highlights coming from both the moving and the humorous. Musical theater sophomore Sophie Menas commands the stage during her stirring rendition of “Nothing,” while musical theater juniors Skyler Adams and Chelsea Umberham are hilarious in “Sing!” Walker confidently takes on the riotous “Dance: Ten, Looks: Three,” which isn’t nearly as benign as the title makes it sound.

Dance numbers are technically impressive across the board, but the talents of musical theater freshmen Cory Lingner and Damian Chambers show especially remarkable discipline.

Structurally, “A Chorus Line” is a brilliant show, portraying the collection of dancers as an indistinguishable mass early on, then transitioning them to well-defined individuals before returning to a united group for the finale.

University Theatre’s production runs like a well-oiled machine through every phase, with scenic design by associate professor Steven Draheim and lighting design by junior Kirk Fitzgerald transporting the audience to that Broadway theater where hopes for success soar alongside hope for life.