By DAVID KAUFMAN

After razzle-dazzling us as Billy Flynn, the flim-flam lawyer in "Chicago," James Naughton has put together a cabaret act called "Street of Dreams," which opened last night at the Promenade Theater.

Casually clad in a blue shirt and black jeans, Naughton offers 20 or so songs, interspersed with amusing show business anecdotes. In the process, the suave performer all but redefines what it means to be smooth.

Even before he won his first Tony Award, for "City of Angels" in 1990, theatergoers were well acquainted with Naughton's rich baritone voice from an earlier Cy Coleman musical, "I Love My Wife." But nothing really prepared us for his ability to span such a re-markable range of musical styles, from pop  and jazz and country to nov-elty numbers. In addition to the title song, delivered in an aptly insouciant manner, Naughton's traditional standards here include "Pennies From Heaven," a jazzy version of "I'm in the Mood for Love" and a heartfelt "She's Funny That Way." Whether
crooning or swooning, he brings the same aplomb to specialty items like "Glow Little Glow-Worm," or even more obscure pieces by Randy Newman.

The high point comes with "My Life Is Good," Newman's sardonic and disturbing take on contemporary high life in L.A.—a topic and approach Naughton clearly relates to.

An entertainer at the peak of his form, Naughton receives impeccable support from a five-person band led by pianist-arranger John Oddo. Although he makes a point of telling us that he has spent "30 years in the business as an actor, not a singer,” you leave the show wishing you could purchase a Naughton CD.