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1.
When something is funny and scary at the same time making you hyperventilate and laugh hysterically at the same time.
I was playing Slender: The Eight Pages and was so scared that I screamed and fell out of my chair and started hyperventilaughing.
by Rukami December 04, 2012
 
2.
To lol so hard that you can no longer breath properly. Usually followed by more lols.
Timmy: "Poop."
Bobby : "HAHAHAHAHahahahahaha.... *wheez*...hahahah..."
Timmy: "You hyperventilaughed a little too hard there."
Bobby : "I thought I was gonna die. srsly."
by Kiesman September 14, 2009