The event will be held in 105 Forum, and admission is $3.
Red Nose Day is a charity event organized by Comic Relief U.K. that happens every other year.
J.K. Rowling, who is the author of the Harry Potter books, is a big advocate of the event in Britain, and the Harry Potter Club on campus adopted the event two years ago.
Matt Gardner (sophomore-agriculture), vice president of the Harry Potter Club, said when the club had its first attempt at Red Nose Day it consisted of a handful of student-written skits, and there wasn't much of a turnout.
However, last year, when the club got the Monty Python Club and the Society for Creative Anachronism (SCA) to join in, it became more of an event.
This year, the Harry Potter Club and the Monty Python Club will be performing predominantly student-written skits, while the SCA and Belly Dancing Club both will be performing student demonstrations.
There will be 30 total performances ranging from short comic skits about Harry Potter to medieval sword fighting and belly dancing.
To serve as a dramatic conclusion to the afternoon's festivities, there will be a Harry Potter date auction. Various students will be auctioned off as the characters Hermione, Draco Malfoy, Cho Chang and Harry Potter himself.
Megan Depew (senior-English) will be auctioned off as Hermione and said all the proceeds from the $3 entrance charge and auction will be donated to the Comic Relief U.K. charity organization.
"We really just want to provide humor for the general community here at Penn State and raise some money for a good cause," Gardner said.