"The"+{adjective} is often used to make a noun phrase meaning "the category or set of things that are {adjective}". For example:
- Lewis Carrol's "Alice" books create a new form of the absurd.
- Many painters no longer explore the surreal.
- Stephan King's novels are modern explorations of the horrific.
These could all be rewritten to use a different construction:
The play's dialog is almost ridiculous.
But the "borders on" version suggests that "the ridiculous" is a thing, an area perhaps, which the play comes close to entering. It also suggests that everyone will agree on what constitutes "the ridiculous", as if it could be shown on a map. These nuances are not present in the rewritten version.
I note that the examples that come to my mind all involve literary or artistic criticism, although I don't think the form is limited to that use.
Edit
One could say:
X borders on ridiculous.
meaning "X is almost ridiculous." Or one could say:
X borders on the ridiculous.
meaning that "X is nearly in the category of ridiculous things". The difference is subtle and in this case not very important, but there is a difference in meaning.
I should add that using the form "the ridiculous." implies that there is a single category that constitutes the ridiculous, and that everyone agrees, or should agree, on what it is. This form can be used to preempt discussion of what is and what is not ridiculous. This form can seem pompous, or can suggest that the speaker has superior expertise in the subject, is one of the insiders who defines the category.
Also "... borders on the ridiculous" can be a form of ironic understatement, meaning "it really is ridiculous, but I am too polite to say so directly."