Prepare four short passages (such as jokes), suited to the language level of the students. Ideally, they would be able to read the passages without needing a dictionary. Of course, if there is a word which few students are likely to know, and you can't avoid using it, then you may choose to introduce it to the class before starting the activity, or add the pronunciation and translation to the hand-out.
Clearly label the stories A, B, C, and D. Make enough copies so that each student can receive one of the four stories. The hand-outs are collected during the activity, and can be reused.
Hint: choose jokes which are genuinely in the form of stories, with several events leading to the punch line. If a lot of the detail is just embellishment, and not actually essential to the meaning of the joke, then it will be easily forgotten and the joke will probably shrink to only one or two sentences after a few retellings!
Suitable jokes can be found on the internet (although you will have to sift through many unsuitable ones). See the Resources section for examples.