Three performers are acting out a musical scene from FAUST in costume and on stage. After the stabbing, the survivors announce they'd rather have fun. There's a wipe, and they're dressed in street clothes performing a song about going uptown in this soundie.
Soundies were short films, about three minutes in length. The were meant to be played on a machine called a Mills Panoram, a video jukebox that was typically to be found in bars, lounges, and similar venues. You put a dime in and got a performance from the ten on the machine. The movies would be changed weekly, and from 1940 through 1946, Mills and other companies produced more than two thousand soundies.
I didn't find the comic act very funny.