An event or action that is used to enduce the giggles. The event that is used would be later on used excessively everyday for a long period of time thus causeing the material to become annoying
Jim: Yo you see that drunk guy fall down them stairs!
Jake: Yeah holy shit! Thats giggle material!
1 week later
Jim: DUDE!? remember that drunk gu-
Jake: okay.. shut the fuck up!