The original usage of this word refers to "huffy air quickly forced out nose", used to indicate bemusement to a lesser degree than a "laugh out loud".
Statement: I was in a sauna with 3 naked chicks. Imagine! Me and 6 boobs!
Statement: You might wish to re-evaluate your claims old chap, or you shall be on the receiving end of the beating of a lifetime
Statement: We indulged in a spot of wolfbagging, and had a nice bacon sandwich afterwards.