Pun

A pun is a play on words, either using similar sounding words (homophones) or using different senses of a word.

The pun, of course, is the highest form of wit, and those who practice the art of punning are greatly respected for their repartee, oral skills and lateral thinking. A punster judges the effectiveness of his or her work by the volume, amount and pain of the groans of the audience, the number of times he or she is struck by people and the quantity of food scraps hurled at them in appreciation of their talents.

Sample Puns

Master Gwynfor Lwyd: "Wouldn't it be great if we could get Lady Bethany in Elizabethan?"
Lord Sui Zo: "Yes, she would be our shortest Elizabethan"
Master Gwynfor: "Gee, that's a bit ruff"

Once upon a time there were two Picts running down a lane, and they tripped and fell. One of them received very serious abrasions and the other one didn't. His was the woad less gravelled.

Also see weasel