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1.
Short for hilairious. Used in order to sound more posh. Or when too lazy to say hilarious.
Hahahaha oh how hilaire!!

Have you seen Stavros Flatley on YouTube?? They are sooo hilaire!!
by Queen Juliet May 31, 2009
 
2.
Shortened form of the word hilarious, but easier to say!
Pronunciation: hil-air
"Hey, remember when I walked into that wall?"
"Oh yeah, that was hilaire!"
by Taz-waz November 16, 2009