This word combo shows that something is supposed to be funny. You now have to laugh. It can also be used for major amounts of tomfoolery by following it with "your mom". ha. ha. ha. ha. ha.
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.