I have been to different sporting events, but lucha libre in Mexico City is more than that. The masks, the chanting and the elaborate tricks show a lot about Mexican culture, if you care to dig a little.
It also helps that it’s a lot of fun to watch live: not only for the performers, but especially for the audience.
Update: I followed my own advice and dug a little about the cultural impact of lucha libre. I found this video (unfortunately only in Spanish) of a documentary on lucha libre. I bumped into another interesting clip explaining lucha libre in an article reviewing a recent performance in London. However, you might get an idea by watching this very amusing music video: