Most likely from the French 'luncheon', lunching burst into the American lexicon circa 1992 in the Washington DC Metropolitan Area.
Intransitive verb: to laugh hysterically/uncontrollably
Transitive verb: causing above in another person
Intransitive: "I just saw a fat man driving a tiny car and I started lunching my butt off."
Transitive: "This guy... this guy right here... is lunching me out!"
"Would you like to come over and smoke and have a nice light lunch?"
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