Colbert has some funny theories on how Bush made Obama laugh during Clinton's speech

In addition to raising $31 million and counting for hurricane relief efforts through their One America Appeal, the five living former U.S. presidents also gave the nation a lighthearted viral moment Saturday night. At the Deep From the Heart benefit concert, George W. Bush cracked a joke that made Barack Obama laugh during Bill Clinton's speech.

While Bush's remark was sadly inaudible to the rest of us, Stephen Colbert stepped up to offer some guesses at what he said during Monday's episode of The Late Show.

Cueing up a clip from the concert and doing his best Dubya impression, Colbert quipped, "Hey, were you born in Kenya?"

Another option: "Twenty bucks if you pants Clinton right now."

Or perhaps Bush said, "Yo, real quick — where's Puerto Rico?"

Watch the clip above for more possibilities. The Late Show airs weeknights at 11:35 p.m. ET on CBS.