Geez, you're right, Pete, that joke is pretty bad. And yet it still doesn't out-do Terrence's for all around lameness and confusion-inducing. But I just remembered one that does:

A guy walks into a bar, and he's tossing a brick up in the air and catching it. He keeps doing this as he orders a shot of whiskey, and the bartender asks him what's up with the brick.

"I'm glad you asked," they guy says. "I bet you the cost of this whiskey that I can throw this brick in the air and down this shot before I catch it."

"You're on," says the bartender. The guy tosses the brick, downs the shot, slams the shot glass on the bar, and catches the brick, all on one smooth movement.

"That was pretty good," said the bartender, "but I bet you can't do that with two shots."

"You're on," says the guy. The bartender pours two shots, and again, the guy throws the brick and downs both shots before catching it again.

"Let's try it with three," the bartender challenges.

This goes on for a while until they get up to ten shots. "There is no way," says the bartender, "that you can down all ten shots before you have to catch that brick again."

"We'll see," says the guy. As hard as he can, he throws the brick in the air, as high as he can, and downs all ten shots.

...

That's it. That's the whole joke. If you get it, feel free to explain it to me.