2. A sarcastic term used to make fun of something.
Can also be spelled 'laugh-and-a-half'.
"So I went to that new restaurant that's been on every other commercial lately. I paid 15 dollars for a shrimp platter that only had 8 shrimp on it, and the rest of the dish was just lettuce and garnishes. Yeah, that place is a fucking laugh-and-a-half."