Wit is something you're born with and can't be learned. A sense of humor, on the other hand, is a learned process. Wit comes natural and without a large amount of thinking beforehand. Wit is a talent/blessing. Wit can be used in the form of sarcasm, ad-lib, and timing. Wit flows whereas, a sense of humor takes thought. When using thought there's a tendency to lose timing and without timing, the joke hangs in mid-air and goes nowhere. If one isn't born with the gift of Wit, one must depend on a quick mind. Like I mentioned before, Wit ought to flow naturally. Seeing something in print or listening to someone else speaking, gives the person who has been blessed with "Wit" enough ammunition to release their talent automatically and without forethought.
It's important to make sure EVERYONE is in on the straight line and the punch line. Otherwise, you're limiting your audience potential. I've entertained people most of my life in one way or another. I was also blessed with the "Talent" of being able to do "dead on" impressions of Celebrities, Politicians, neighbors, Family members, etc. Did some radio and stage work, as well. When it comes right down to it, "Timing is all important."