This takes about six guys, who form a circle around an invisible blanket, with a small invisible guy (Bruce) who sits in the middle of the invisible blanket and gets tossed.
"We're an Olympic blanket tossing team, and Bruce in the middle here is our star blanket bouncer. We'll toss Bruce a bit just to warm up. One, two, three! One, two, three! One, two, three!"
On three each time, the team lets the pretend blanket go slack, then pull it taught. They watch the invisible Bruce go up in the air, then come down, and the gently catch him again in the blanket. Each time they toss him higher. The team has to be in sync, and they have to watch about the same spot -- the easiest way to do this is to have everyone just imitate the leader, who is the speaker.
"OK, we're all limbered up now?" The team murmurs in agreement. "Then let's toss Bruce a bit higher. One, two, three!"
Bruce comes up, and the team adjusts their position a bit to catch him as he comes down.
"One, two, three!" This wait about ten seconds, and move quite a bit to get under him. Move this way and that before finally catching him.
"One, two, three!" twenty seconds this time, almost lose track of him, adjust the position here, there, and here again.
"What? What's that you say, Bruce?" pause "Audience, you are in luck! Bruce wants to go for the world record blanket toss! Ready team? One! Two! Thu-reee!!!" A mighty toss! The team shifts positions, like trying to catch a high fly ball. "There he goes! He's past the trees! He's really up there!" pause, looking hard into the sky "Do you see him? I've lost him. Where'd he go?" another pause "Oh well." The team leaves the stage, and the program continues.
After another skit and song, and preferably in the middle of awards or announcements of some sort, "Bruce! Quick team!" The blanket tossing team runs back on stage, positions themselves this way and that, and catches Bruce. "Let's have a big hand for Bruce! Yay!!!"