This could seriously be called both ways, because it all depends what realism you could find from the WWE. Firstly, yes it is scripted and yes they most likely rehearse each and every match previous to the live entertainment itself, but if we look at the WWE another way, we can see how realistic it truly is.
The WWE superstars each compete in his/her own way; some good, some bad. Some form alliances with others and some form rivalries. Now, we can compare this to reality, where we see (in past times and even today) countries proclaiming war upon one another, banding together to fight for freedom or tyranny, and laying one another to waste on the battlefield. See the similarity?
Now, I'm sure one thing everyone has seen before is the blood of themselves or of someone else. In the WWE, accidents happen, even when rehearsals are made, accidents CAN happen. Many episodes we can see small accidents, such as a superstar or commentator messing up their lines or speeches, but there are many other accidents that can happen, such as in-ring injuries, which we all know can easily occur, as they have in the past. How many times have you seen a superstar bleed? I'm sure the number counted by any WWE fan would be a high amount.
So, is the WWE real? Perhaps, perhaps not. It all depends on how you look at it.
Do you see the WWE as scripted, or something you can relate to?
Please not, do not answer these questions via a message, it should be obvious that they are rhetorical.
My POV is that the WWE is real, because it is, in my eyes, relating to myself.