Sure. It's the second in a long series of skit-jokes called collectively "The Tales of Twid." The first Tale establishes the existence of the Isle of Twids, which is ruled over by Wise King Babbit. It features a bridge with a troll under it that constantly kicks Twids off the bridge, but won't kick Babbit off. Thus the first punchline: Silly Babbit, Kicks are for Twids.
The second tale begins with Wise King Babbit's birthday.
It came to be that Wise King Babbit's birthday arrived at last, and the Twids he ruled over loved him. They gathered together and made their king a new throne to replace his old one (which was made of grass, thatched and woven like his palace was.) They made him a beautiful new throne of crafted wood. Babbit loved his throne, but he loved his old throne, too, so he bade the Twids to put his old throne in the attic of his thatch palace.
A year came and went, and Babbit was so happy with his new throne that for his next birthday, the Twids gathered together and made him ANOTHER new throne, this one made of stone. Babbit loved it, and bade them put his wooden throne up in the attic next to his grass throne.
A year came and went, and Babbit was so happy with his new throne that for his next birthday, the Twids gathered together and made him ANOTHER new throne, this one made of gold. Babbit loved it, and bade them put his wooden
throne up in the attic next to his grass and wood thrones.
A year came and went, and Babbit was so happy with his new throne that for his next birthday, the Twids gathered together and made him ANOTHER new throne, this one made of diamond. Babbit loved it, and bade them put his wooden throne up in the attic next to his grass and wood and stone thrones.
A year came and went, and Babbit died horribly when the thrones crashed through the thatched floor of his palace's attic and killed him in his sleep.
The moral of this story? People who live in grass houses shouldn't stow thrones.