We have tickets for a 8pm show at the Shubert to see Chicago and I made reservations at Babbo for 5:45 which is in the Village, right? Is this impossible?? Should we be dining closer to the theatre? oris this possible?? help!

I'd do two things:
1. Call and change the reservation to 5:30, and..
2. At the same time, explain you situation on the phone and ask if they think it'll be a problem.
You should leave the restaurant by 7:15-7:20 to play safe. And, taking a subway might be faster than a cab! Also, keep in mind that Broadway shows usually don't start until 8:05-8:10.
You're im for a great evening of dining and theater. You've picked two winners.

thanks so much for the good advice. I actually have two pre-theatre reservations for Babbo and Becco. I know from what I've read that Becco is obviously more convenient but Babbo sounds like such a good restaurant. Decisions!

Your problem is exactly why I always go for after theatre rather than pre-theatre dining. I just can't enjoy a great meal worrying about getting to the theatre on time. Nor can I enjoy a show nearly so much after indulging in a large meal with usually too much wine. I know it's not for everybody, but think about it. Of course, the other problem is that many really good restaurants in NYC only seat until 10 or 10:30 making after theatre dining impossible. I love Becco after theatre when the crowds are much reduced and a short stroll gets you there after the show. No mob and no pressure.

Great advice from Patrick. A late lunch or afternoon snack and a dinner reservation following the show are much better than rushing through a fine meal to get to the show on time.

Don't obssess. You will have plenty of time. Tell your waiter about your time restraints. No problem.