I have this by Doc Watson, on Southbound, I believe. Or Ballads from Deep Gap, actually, now that I think about it. Slight variation, detailed here:

The chorus is different, and he lives through the song.

Travelin' man, yes he musta been a travelin' man
Travelin, a-ramblin man, he was the swiftest in the land
Gamblin' a-ramblin' Joe, they knowed him in every town
He wouldn't (I forget, set up maybe), no, he wouldn't give up, and for that he never settled down.

It has the verse about He ran to the house and he grabbed another bucket, caught the water fore it hit the ground. It has the verse about "sailing up through the air (now ain't that faith?)" but under different circumstances, he's being tried for his crimes and this is how he escapes. "Joe looked at the judge, at the jury, He said bow down your head in prayer, He crossed up his legs and then he winked one eye...

He was sentenced to hang, but he never did anything worse than steal, at least not in this song.