Joe Paterno, Jerry Sandusky, ...

B_Hickboy

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...and a person still very young, but over the age of consent at the time of the telling of this joke, were out fishing one day when the boat began to leak and was soon sinking. Joe tells Jerry to go below and get them some life preservers. Jerry returns with only two life jackets and says that's all he could find. Jerry asks Joe what they should do and Joe says he'll wear one and Jerry can wear the other. Jerry says, "What about the person still very young, but over the age of consent at the time of the telling of this joke?" Joe says, "Fuck him". Jerry says, "Do you think we have time before the boat sinks?"
 

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Here is the Welsh version, circa 1940, as recounted by Anthony Powell:
"You make me think of Dai and Shoni when they went up in a balloon."

"And what was that, I wonder."

"They took two women with them."

"Did they, then?"

"When the balloon was in the sky, the air began to leak something terrible out of it, it did, and Dai was frightened, so frightened Dai was, and Dai said to Shoni, Look you, Shoni, this balloon is not safe at all, and the air is leaking out of it terrible, we shall have to jump for it, and Shoni said to Dai, But, Dai, what about the women? and Dai said, Oh, fook the women, and Shoni said, But have we time?"
--Anthony Powell, The Valley of Bones (Heinemann/Little, Brown, 1964), p. 55.