Something funny, such as a lolsy picture, a hysterical movie, or a gif of a llama nomming endlessly, that takes up a lot of your time as you laugh at it. It literally drains your giggles. It is Similar to how "Giga drain" from pokemon drains your giga.
Christian: Holy crap, why aren't you ready?
Danny: Sorry, I've been stuck on meatspin all day, its so funny.
Christian: Yeah... it's a real giggle drain.