It needs some work - the second part of the punchline, and its back story, could do with a bit of improvement!
What Stu is alluding to is my wonderful Chris Rea joke, previously mentioned on these pages only in passing - 30 minutes of fun about Chris Rea and Mark Knopfler culminating with the punchline... no, wait, I won't ruin it for you. Another time perhaps.
Anyway, back to the Meatloaf joke, courtesy of Playlouder - definitely the best and only Meatloaf joke I've heard, and I reckon it deserves a reprint:
Meatloaf was wandering down the street minding his own business when he bumped into Arthur Lee from 60s psychadelia-lovin musos Love. Arthur was in a terrible state. "Meatloaf, you've got to help me!""Whatever is the matter Arthur?" said the 'Loaf.
"It's this karaoke competition. I was meant to sing a song with Brian Wilson but he's chickened out on me and I'm too nervous to do it on my own. Please help me out!" Meatloaf was reluctant at first, as Arthur Lee was a bit of a mentalist. But as he was a mate he decided to help him out. "OK Arthur, I'll sing with you because you're my friend. What's the song?"
"Brilliant!" said Arthur. "The song is 'Stand By Me', an old favourite of mine. It'll be great. Thanks ever so much Meatloaf!"
So Meatloaf and Arthur got up on stage and sung their hearts out to the soul classic to rapturous cheers and applause. Meatloaf stayed to watch some of the other acts. As he was watching Justin Timberlake wail along to Radiohead's 'Creep', Meatloaf felt a tap on his shoulder.
It was Robbie Williams!
"Hi Mr Meatloaf, you were so good up there with Arthur Lee. Will you sing with me as well? I know you could bolster my chances of winning!" Meatloaf wasn't sure. Robbie tried to persuade him. "There's no rule that says you can't sing more than one song. Please Mr Loaf!"
"Well I dunno Robbie - maybe... What's the song?"
"It's Matt from Busted's new solo single that I can't remember the name of right now! I'm sure it's going to be a ginormous hit and all the kids will love it. We'll win for sure!"
"No way!" said Meatloaf suddenly.
"Why ever not?" inquired Robbie.
Meatloaf replied, "I would do Ben E King for Love, but I won't do Matt."