Collaborative effort

Annie: I made up a joke.

Katie: Tell it.

Annie: What do you call a hobo who lives in the North Pole?

Katie: What?

Annie: A snow-bo.

David: Good one.

Annie: What do you call a hobo that's a prostitute?

Katie: What?

Annie: A ho-bo.

David: What do you call a prostitute that lives in the North Pole?

Annie: What?

David: A ho-ho-bo.

Katie: What do you call a prostitute that hangs around Santa Claus?

David: What?

Katie: A ho-ho... ho.