Record company's software extremely laughable (5)
I believe the answer is:
apple
'record company's' is the definition.
'software extremely laughable' is the wordplay.
'software' becomes 'app' (I've seen this before).
'extremely' suggests removing the centre.
'laughable' with its centre removed is 'le'.
'app'+'le'='APPLE'
(Other definitions for apple that I've seen before include "Delight (of one's eye)" , "Fruit with firm white flesh" , "Fruit of the rose family" , "German fruity dessert" , "something to eat" .)