Parentdish, generally, unless the child is able to sit quietly for an hour or two (somewhere between the ages of 4 and 6) It is inadvisable to take a 2 or 3 year old and even some 4 & 5 year olds to the theatre. Children have a very short attention span and do not take well to sitting in confined areas for a long length of time. You know your child better than anyone else. Let common sense be your guide.
Live performances, especially with animals involved (fake of course) like the ice capades with performing Disney characters are generally loved by children of all ages. To expect a small child to sit through a ballet or play without a lot of activity to sustain their interest, is asking for a very disgruntled child, who will disrupt the performance for you as well as everyone else. Best to be avoided.
I would suggest taking them first to a children's show at the local cinema. This will give you a very good indication of what you can expect from them, and if they are indeed ready for the "big time" live public performance.