It usually depends on the content of their jokes. I'm a sucker for smartasses - probably because I'm one myself - but the stereotypical alpha male can be quite obnoxious.
On a good day, I can act like that - I still prefer to keep my hands to myself, and I'll probably bow out after 15 minutes or so - but around friends and acquaintances I have a tendency to voice strong opinions and make fairly cavalier statements, usually for the purpose of striking up a laugh. Sarcasm and satire are things I'm very comfortable with in close company (although not as much near strangers, for obvious reasons). I have gone overboard, though, and I've missed many beats before, so it's something I'm trying to temper with conventional social etiquette. Not an easy feat by any stretch of logic - it really is like a sport. You have to train it, and screw up a lot on your way there. Sometimes it can be traumatizing when you cross that line between smart-aleck alpha male and insensitive douche.
Ironically I find it harder to get in a word edgewise when it comes to things like lectures and presentations; often due to large classroom sizes, but also because there's just something about the rigidity of the format that somehow gets to me.