He might be giggling all the time. Spongebob has a great sense of humor, so if the story has any funny parts, he would surely be laughing out loud.
He probably listens very attentively with big, excited eyes.
We don't have enough information to know how SpongeBob reacts. He could be really excited and ask for more details, or he could be so tired that he falls asleep right away.
He probably gets really scared and starts shaking.
His reactions can vary greatly. If the story is very emotional, he might show empathy through his facial expressions. He could be quiet and just listen intently, or he might interject with short comments or questions from time to time to clarify points or show his interest. For instance, if Jude mentions an unfamiliar place in the story, Willem might ask where it is exactly.
Mr. Krabs would probably be thinking about how this could be good for business. He might see it as an opportunity to create a new tourist attraction. Patrick would be really happy for Spongebob at first, but then he might get a bit jealous because he doesn't want to lose his best friend. Squidward would be extremely annoyed by all the commotion and the fact that he has to be part of the wedding in some way.
He might raise an eyebrow in surprise at some of the more out - there plot twists in the fanfiction.
They might be very intrigued. Their eyes could be fixed on the pages, completely absorbed in the potential story.
He might be really confused at first. Spongebob is often naive, so he may not immediately understand why everyone is angry. He could just keep smiling and asking what's wrong in his innocent way.
He may feel excited. The story is full of adventures that can stir up strong emotions.
She might feel engrossed. Twilight Sparkle loves to read and learn, so she's probably really into the story.