Here's a great resource if you want to show your kids the big story of the Bible in a short period of time. It's called Long Story Short. It was originally presented as two separate dramas, the Old Testament Rewind and New Testament Rewind, written by the brilliant Aaron Reynolds.
Using hilarious gags that rival the best of Saturday Night Live, three actors and a narrator fly through the Old and New Testaments at breakneck speed. It's totally engaging for both kids and adults. We've used them for family events and on the weekends with kids.
Be warned, though, you'll need plenty of rehearsal time if you want to do these live. They take a lot of rehearsal and props, but they are totally worth it. If you choose to do the drama scripts, I'd also get the DVD too just so you can see how it's done.