This is a type 2 conditional sentence in question form, featuring the standard structure of two reversible clauses:
(if + past) + (would + bare infinitive)
The question and answer revolve around the word 'omnipotent', which means, 'having unlimited power, able to do anything'.
The clip ends with Joey thinking his friend Ross is impotent because 'omnipotent' sounds a little like 'I'm impotent'. He expresses sympathy and explains that he thought it was just a hypothetical question, which was in fact how the conversation started.