Laugh and behold ring (4)
I believe the answer is:
halo
'ring' is the definition.
(I've seen this before)
'laugh and behold' is the wordplay.
'laugh' becomes 'ha'.
'and' says to put letters next to each other.
'behold' becomes 'lo'.
'ha'+'lo'='HALO'
(Other definitions for halo that I've seen before include "Saint's circle of light" , "Ring of saintliness" , "Crown" , "Symbol of sainthood" , "Circle of (holy) light" .)