Comedy
Joke, Funny Story
noun
You know that 笑う is "to laugh." This is a noun version of that, though it's not "a laugh," (that's 笑い). Add お to that and you have the thing that makes you laugh. It's comedy. It's the joke that's elevated with お because it made you laugh SOOOOO much. Haha!
The reading is the same 笑う or 笑い. It's also the same as what you learned with the kanji.
私は日本のお笑いが好きです。
I like Japanese comedy.
俺たち、お笑い芸人になりたいんです。
We want to be comedians.
あー、面白かった。まさかあんなお笑いみたいな結末になるとは、思ってもみなかったよ！
Oh, that was hilarious! I never expected it to end up like some kind of comedy!