It can be funny if the compliment was sincere.
If the compliment was at least in part out of politeness, however, you will come off as insufferable, not witty.
If you are getting "Oh, you're so well-read!" out of politeness you've already gone to far. :)
Edit - many apologies to anyone that feels that this discussion was a waste of time.
I just ran across an article (http://techno-anthropology.blogspot.com/2011/04/rough-guide-to-social-skills-for.html) on Hacker News that gives the barest minimum of a guide for social interaction. Unfortunately this isn't the high-quality advice you need to really handle social situations, though it will help with a few of the worst problems.
A few other rules that will help:
On the physical side:
This is a long list, and it isn't even close to complete.
I'm linking to http://lesswrong.com/lw/372/defecting_by_accident_a_flaw_common_to_analytical/ at the suggestion of David Gerard. It has a lot of deeper discussion into why this is worth knowing.