This is Scott Alexander and Pucks answer to the Vanishing Bandana. It is a modern take on the old premise that can quickly find a place for 6 minutes of laughter in anyones act.
You borrow a shoe from a member of the audience and tell them you are going to teach them a practical joke, since you can't give away secrets to actual magic tricks. As you call the "practical joke hotline" you inadvertently pour a drink into your volunteers shoe...FOR REAL!
Then some how you work your way out of the situation using magic and give back the shoe completely unharmed.