There are jokes that get spoiled upon explanation: "It's humorous because the character is acting in a manner that is generally regarded as stereotypical." For practical jokes, or pranks, the opposite is true. Telling the story of how a prank came to be conceived, how it was crafted, and how it inevitably came crashing down is an art form. Indeed, retelling this story transforms an afternoon's hi-jinks into the stuff of legend.
First, no irreversible actions. Nothing broken, nothing you can't reconstruct deconstructed. You break it, you buy it.
Next, no long term effects. No way will the joke be funny the thirtieth, fortieth time it comes around, so don't go there.
Finally, no grudges. Don't play a prank on a person you don't like: It is the path to ruin. The best idea is to let someone else pick the targets. Then they know you don't mean them any harm!