Bungee Jumper and Homosexual

Alright listen up, smartie. This joke is funny because it takes two completely different things, bungee jumping and being gay, and finds a messed up similarity between them. When a bungee cord breaks, the jumper falls into "shit." And the joke implies that when a homosexual's condom breaks, they also end up in "shit," which is a crude way of referring to STIs or other problems that can come from that. You probably never used a condom, you virgin.