Final answer:
The world-famous show presented each July and August in Laguna Beach is called The Pageant of the Masters.
Step-by-step explanation:
The name of the world-famous show that is presented each July and August in Laguna Beach is The Pageant of the Masters. This annual event showcases living art tableaux, where real people pose to recreate famous works of art. It combines theater, sculpture, and painting to create a unique and immersive experience for the audience.