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1.
The act of making yourself laugh when either no one is around, or no one else is laughing with you.
"Justin needs to cut back on his laughterbation habits, its starting to become a problem."
by CheetullBro August 28, 2008
 
2.
The act of laughing until you bust a nut.
Jim: "So I watched Grandma's Boy the other day and laughed so hard that I came."

Bob: "Ah nothing like a good ol' evening of laughterbation"
by lucraine July 25, 2010
 
3.
to laugh while you masterbate
the picture was so hot and funny laughterbation was the only thing i could do
by parry henis October 12, 2007