Role play is an important method for teaching speaking as it allows students to practice communicating in different social roles. The steps involve dividing students into groups, assigning each a topic, having them create a dialogue for the situation, practicing in groups, and performing for the class. Role play helps boost confidence, adapt to moods and expressions, allows creativity, and provides different life experiences. However, it takes up class time, is difficult for teachers to evaluate students individually, and some students may be reluctant initially or see it as too entertaining.