That Was Pretty Much the Worst Rendition of "Who's On First?" in the History of the World

Katz: Who knows “Who’s on First?”
Marty: I do.
Katz: Do you know "Who’s on First?"
Marty: Okay, who’s on first?
Katz: No, no, no, no. "Who's on First?"
Marty: Who’s on first?
Katz: First. Who’s on first?
Marty: Second base.
Katz: Second. Who’s on first?
Marty: What?
Katz: First. You see, it’s the old Abbott and Costello routine. The joke is, their names are First, Second, and Third.

At which point, everybody laughs. He thinks we’re laughing with him.

For any of you who don't see the humor, here's the actual routine, courtesy of Baseball-Almanac.com.