On October 26, 1881, the Earp brothers and Doc Holliday collided with a local band of cowboys in an alley next to the O.K. Corral. The fight was the culmination of years of tension between the two groups, and lasted only thirty seconds with as many as thirty shots fired. Three cowboys were killed while Virgil and Morgan Earp and Doc Holliday were wounded. Only Wyatt Earp walked away with no injuries, and went on to live into the 1920's, which is perhaps why he remains the most famous of the bunch.
The rest of the time the many actors are just paid to walk around town looking tough, I guess.
After the show I went into one of the saloons where the cowboys were gathered drinking beer and just being manly, and I sat at the bar and ordered a burger and a beer.
Tombstone's official slogan is "the town too tough to die." The words 'fun' and 'hokey' could be applied today, but just wouldn't sound as cool.