I can't seem to be funny at times. Then when I rework the situation, I would think like damn, I should have said that instead. Is there a formula or method to learn how to think funny faster?

Yes, absolutely there is. I do that all the time. I used to try and be really witty and sharp, until I got to day 6 in Rules of The Game, where it said that speaking slower and calmer gives you more authority. If you are practicing this than your thought process will slow down as well. When that slows down than you more than likely think of funny things to say. If stuff comes off as being rushed, or if you are rushed than more than likely you will fuck up. Framing works great here as I will tend to be a better at talking a certain way if I am in a more conducive frame. Sometimes this is stuff just around school what not but when you go out and are in a place where you know you are going to be meeting women than work heavily on your frame.
So, slow down and get in the right frame, there will always be funny stuff but you just have to give your brain time to process it and come up with an appropriate response. I hope this helps

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Call me Sly.
My goal: To become a Pickup Artist in everything but name.

And yeah, This is (still) just the beginning.

I suggest you try to LEARN how to be funny before PRACTICING to be funny. Watch comedians, study how they use voical tones, pauses, body language, etc.

I watched the old Marx Brothers movies to work on my humor. Most of their jokes are clever one-liners, and you have to be quick-thinking just to catch the joke. Plus, old black and white movies aren't popular enough for people to say something about you mimicing them. As in, "Isn't that from Dane Cook?" Or, "Wasn't that on Comedy Central Presents?"

Once you learn the pattern of how to be funny, it'll be much easier to be spontaneous. A little bit of preparation goes a long way.

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-The good can never be measured, but the great can never be controlled-