I think an Anne Rice musical could be amazing, if they kept the feel of the books and made it more of an opera or operetta than a musical (it really must be sung-through - I can't see Lestat bursting into song).
But
The Vampire Lestat has, as someone mentioned, a very linear story and no dramatic arc. It's really just a chronology, isn't it? I think
Interview of the Vampire would be the most obvious choice for adaptation, because it has more of a dramatic shape, and people are already familiar with the movie version. (And
The Queen of the Damned, which was my favourite, is too much like an action movie).
And yes, a homoerotic musical version with James Barbour and Michael Arden would steam my glasses up.
BlueWizard's blog: The Rambling Corner
HEDWIG: "The road is my home. In reflecting upon the people whom I have come upon in my travels, I cannot help but think of the people who have come upon me."