My friends always insult me in a funny way and we do that to eachother.

I am not sure if I can describe it good enough. But what actually happens is that my friends talk shit about eachother in their faces in a funny way. I just don't have good replies, I don't know what to say sometimes when they talk about me.

Is there any kind of material I can read or something I can practice to make myself better for such situations?

EDIT:

Thank you guys. I hangout with the same friends last night. And I had each and every advice in my head. And I did manage to come out on top. I had answers coming out of me like no tomorrow. By the end of the night everyone was listening to me attentively as I spoke. People wanted to agree with what I was saying and trying to copy me. This has never happened to me in life. I can't tell you how thankful I am to you guys.