Answer:
A building where people and stories are on stage
Up on high I wave away but not a word can I say.
Though not a plant, has leaves. Though not a beast, has spine. Though many wouldn't need this thing, It's more valuable than wine.
I know a word of letters three. Add two, and fewer there will be!
My first master has four legs, my second master has two. My first I serve in life, my second I serve in death. Tough I am, yet soft beside. Against ladies cheeks I often reside.
People take me on walks and I run and have fun. What am I?