Edith Skinner would say that in Standard American Dialect, it's rih, and not reh.
I would bust out the IPA, but, I thank that's unnecessary here.
As for the preeze, and prize, I say preeze. I also spell theatre with an "re" like a real theatre snob should.
How do I say reprise? I say "Andrew Lloyd Webber".
Just kidding. I say ray-preeze.
HA! I think Act II of Evita should be called "Eva, Peron, and Che sing Your Favorites from Act I!"
Personally, I think I have too much bloom.