This section makes me think about the idea of homo ludens – that is – that one of the principle characteristics that defines us as human is our ability, desire and need to play. Hamlet is a great player. He knows how to play in multiple ways. He knows how to make a game of many things. This game is the game of using as many silly honorific words as possible to describe Laertes – to sound as pompous as possible, without giving away the game. And the game grows as he plays it. He starts playing and the game opens out until it is a whole speech.
Also I’m curious about what “sail” is doing here.