Hmmm.. Don't find it listed on Nat Stuckey's Website, http://www.natstuckey.com, or at the Cowpie country lyrics database. Are you sure it's a song?
Ah, here (click) it is on a recording by Don Cox, a song called "Honey Don't Pay the Ransom." Songwriter is named Blazy.

I did find the joke:

Having fallen asleep at his lover's apartment, John knew his wife would kill him if he didn't have a good excuse. So he quickly phones her and shouts, "Don't pay the ransom, honey! I've escaped!!!"

...also in a slightly different form in a daily devotional (click). Durn pastor just don't know how to tell a dirty joke. Can't find the lyrics, but maybe what I found is a good start.
-Joe Offer-