This skit is very simple.
Find an icy lake, like unimaginably cold ice water. Set up an airtube (water trampoline) with a platform above it. Have one cast member stand up on the platform ready to jump on one end while another cast member sits on the other end... naked of course... ready to be launched into the freezing cold water.
Then sit back and enjoy your colleague freeze his ass off.
Perhaps for a little fun have the person jumping on the bag dress in one of those fat bastard suits from the first movie (i think it was).
I'm not sure whether or not Jackass have performed this skit before.
Perhaps in the same segment you could have all the members strip own and have a bare naked bike race along a strip of very thin ice covering the lake and see who makes it across without falling thru.