(わら)

おわらい
noun
comedy; humor; something laughable
culture
1. comedy, humor, comedic entertainment
The genre of comedy and comedic performance, especially the Japanese tradition of stand-up comedy (manzai, conte, etc.).
(わら)番組(ばんぐみ)()
I watch comedy shows.
He's aiming to become a comedian.
Japanese comedy culture centers on manzai and skit comedy.
2. something laughable, a joke, absurd
Used to describe a situation or thing that is ridiculous or not to be taken seriously.
そんな計画(けいかく)(わら)いだ。
That plan is a joke.
(わら)(ぐさ)された
I was made a laughingstock.
I'm talking seriously, so it's frustrating to be treated as a joke.

The お prefix here adds a conventional, established-word feel rather than politeness.

Common collocations

Culture: Japanese お(わら)い includes 漫才(まんざい) (two-person stand-up with a ボケ/ツッコミ dynamic), コント (scripted comedy skits), and 落語(らくご) (traditional comic storytelling). Major comedy competitions like M-1グランプリ are nationally televised events.