The style of Bollywood came up in Friday's show and a number of people weren't familiar with the form at all. I don't pretend to be an expert, but I have seen a few movies and wanted to at least give people an idea of what it is.
Bollywood is a term given to films made in India in the Hindi language. Bollywood movies are a series of cliche plots acted out in a way that we would consider over the top. The characters are all common stereotypical types and the plots are very predictable melodramas. The dialog in these films will be mostly about "big" topics like duty, family, honor and values.
The most memorable part of Bollywood movies, and the part that an audience would recognize, would be the musical numbers. All Bollywood movies aim to be huge crowd pleasers, so there is always a musical number. Some of these musical numbers are a reflection of American culture through an Indian lens, others are uniquely Indian. Recently, the songs have come to include multiple languages and the chorus or lines of a verse will be in English or another language that is not Hindi.
Although the taboo has been broken in the last few years, almost all Bollywood films have a ban on kissing, nudity and overt sexuality.
The musical numbers are huge and colorful and very choreographed. The dancing is crazy. Here are links to Bollywood dance numbers. Please watch a few, they are very different and all entertaining. (If you only watch one, watch the Thriller knockoff, it's really funny.)
This one is a Thriller knockoff called Killer:
Here's a Bollywood Beatles number:
Here's a Bollywood version of Superman:
Hope this helps!