There are several venues and funding bodies across Cambridge. Most venues programme a term in advance (so Lent term productions would be chosen in Michaelmas term for example).
You need to start by thinking about a venue:
The ADC Theatre is the main student theatre and seats 226 people. It is the most technically advance spaced, with a full fly tower, and hosts two performances a week. The ‘Main-Show’ opens at 7:45pm and is usually a full length work. The ‘Late-Show’ opens at 11pm and runs for an hour.
The ADC Theatre also run the Larkum Studio, a flexible studio space that seats around 40, and the Corpus Playroom. The Playroom seats 80 and is an intimate L shaped studio which also hosts a ‘Main-show’ and a ‘Late-show’ each week.