The , which is available from for users with iPhone or iPod Touch devices, will be released on a weekly basis in "joke packs" throughout April and May.
Each video focuses solely on the comedians' mouths, placing extra emphasis on the delivery of the jokes and allowing users to interact with the application.
Adam Barriball, communications manager of Cobra Beer, said: "We want users to really interact with iBanter and the idea is that you can hold the iPhone up to your mouth while playing the jokes so you can entertain your mates.
"Digital is such an important media for our core 28- to-34-year-old target audience so it was hugely important that our plans were innovative and engaging to appeal to these consumers.
"Developing an iPhone application with original jokes is a great way to do this as we're giving our consumers quality free content, which will then hopefully be something they'll share with others."
The free application was developed by digital creative agency Poke, which also worked with digital production company Irresistible Films on the recruitment of comedians.