The phrase is casual, often used with friends or in relaxed settings, not in serious or formal situations. They decided to swap clothes for laughs during the party.
Pro Tip 2/3
Humorous Intent
It implies the action intends to be funny or to provoke laughter, not to be taken seriously. She answered the quiz for a laugh, not expecting to win anything.
Pro Tip 3/3
Not Hurtful
The action should be harmless and not embarrass or upset others. They all wore crazy hats for laughs, nobody was offended.