Usual John sends this in: “Is this perhaps a colorist’s error? I don’t see any premature gray other than hair.”
Or is this a cultural reference? An obscure pun?
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The speaker does look a little bit greyish, but yes, the joke would be clearer if the skin on his face and hands was a lot greyer and in fact completely absent of colour.
He IS referring to hair.
She is referring to ejaculations.
Pete: Wow. I never thought of that, but it makes more sense than anything else to date!
Pete probably has it.
Gray ejaculations? If that makes sense, then perhaps a visit to the doctor is in order.
Comics I Don't Understand 
The speaker does look a little bit greyish, but yes, the joke would be clearer if the skin on his face and hands was a lot greyer and in fact completely absent of colour.
He IS referring to hair.
She is referring to ejaculations.
Pete: Wow. I never thought of that, but it makes more sense than anything else to date!
Pete probably has it.
Gray ejaculations? If that makes sense, then perhaps a visit to the doctor is in order.