If you are going with the 5 min joke you could through in all manner of undersea action footage, (sharks, Bond, Return Of Captain Nemo, synchronised swimmers etc) and mix that into the footage of Obi-Wan and Qui-Gon swimming and add the speed up and a time code counting almost to five minutes (as sped up as the rest of the footage).

That way Jar-Jar has only just lost and has to pay a life debt.

Speeding the footage up would be a great way of implying a really exciting sequence that has been skipped over.