But did anyone else feel that Brad Feld was very, very lucky that it was Heidi Roizen in the room and not someone less forgiving when he said, "well if you need a dick to hold you can borrow mine anytime"?
What Brad did in that one comment was underscore the power differential in the room between a number of males and a lone female who had just said she feels "very uncomfortable" (even if she couched it as a joke so as not to rock the boat.) Worse yet, Brad was essentially saying, you're here to service the males. Again, it was a comment made as a joke -- but what a crappy joke, to point out that there's an implicit hierarchy in the room.
The only way I can see how that comment would not have made a woman in the room very uncomfortable (or even any respectful male), is if he said it sardonically to make fun of guys who do say things like that without realizing why it's not acceptable.
EDIT: There are a lot of responses analyzing this particular situation and pointing out that Heidi said she wasn't uncomfortable. My point is not about Brad & Heidi, it is that you can't take this one very particular relationship and setting and extrapolate anything from it. The risk of misreading the situation and making someone feel harassed is so high and happens so often, that sexual innuendo in a professional setting is a bad idea. You can find another way to break the tension or team-build.