this is the way i heard it.
A magician and his parrot are on the titanic. the magician starts putting on a show, but everything is going wrong. He does a card trick but fumbles and everybody sees the trick. The parrot says, "haha, you stink, you stink." The magician does a levitation trick, but the strings break. The parrot says,"haha, you stink, you stink." Finally, the magician says, "and now i will make this ship disappear." At that very moment, the Titanic hits the iceberg and sinks. As the magician is clinging to a piece of debris and the parrot is clinging to his shoulder, the parrot says, "wow, you're better than i thought!"