generally only in it for the laughs

She's in it because she wanted her boss's job. Mission accomplished. Now she's in a really stupid place:

• Can't call the whole thing off, voters go back to UKIP
• Need to have rabid Brexiteers in the cabinet, or people say she sabotaged it deliberately
• Can't say what Brexit really means or people will question her sanity ("you're going to do what?!?")
• Doesn't want to invoke article 50, then watch the country go into recession

So I suspect they want to delay A50 as long as possible, negotiate behind-the-scenes get some major concessions from the Europeans (has to include freedom of movement concessions or voters go back to UKIP) then either say Brexit is unnecessary or go for another referendum or snap election.

Unfortunately, it's looking like the Europeans realise they are in a stronger negotiating position and they have always said FoM is not on the table. Even to the point where the Swiss have to ignore their own referendum to limit FoM because the EU has made it clear they won't accept it.

In the meantime she's stuck with people like Fox and Boris shooting their mouths off because they're ideologically wedded to Brexit and their careers are over if it doesn't go ahead. Whichever way she goes, the Tories probably lose voters to UKIP. Beautiful cluster-fuck of a situation.