One element to a good sense of humor that most of the other posts failed to mention is the ability to laugh at yourself.

Lots of people with bad senses of humor think they have a good one because they have a favorite comedian who makes them laugh, or think they have a good sense of humor because they’re quick to laugh at someone else when they do something silly or stupid. But when they’re the person being laughed at for doing something dumb, they’ll become furious and storm off, and maybe hold grudges against people who laughed at them.

Someone with a good sense of humor will be able to see what’s funny about what they did and be able to laugh along with everyone else, even if they feel kind of embarrassed.

GWAR in the '90s was definitely something to behold.

Probably showing my age here, but OK Soda. That stuff was great.

Close runner up was Josta, which was briefly the official drink of GWAR (at least according to GWAR).