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Simultaneously experiencing manic crying and hysterical laughter, usually resulting from surprise workloads/deadlines that you have been delegated, but not consulted on, leading to disbelief and despair.

Other notable applications of the word have been known to appear at the negative outcome of a pregnancy scare.
A: Oh you finished the project overnight? How nice of you! But I didn't actually need it till next week because the deadline changed, did I forget to tell you?

B: Whaaa? But..I worked all...for...*twitch*, *CRAUGHTER*

crying
by Lullabytiger September 11, 2014
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