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#115 A Pony Walks Into A Bar

Hoarse is an adjective which means "sounding harsh, especially because of a sore throat".
 
The pony is explaining to the bartender that perhaps it was difficult to hear him because he was hoarse, i.e. his voice sounded harsh.
 
"I'm a little hoarse" sounds like "I'm a little horse". So it's a play on the words hoarse/horse - because he is a pony, so he is a "little horse".