Second-best laugh (6)
I believe the answer is:
scream
'laugh' is the definition.
(scream is a kind of laugh)
'second-best' is the wordplay.
'second' becomes 's' (common abbreviation).
'best' becomes 'cream' (both can mean the elite).
's'+'cream'='SCREAM'
(Other definitions for scream that I've seen before include "Call for" , "A long piercing cry as of terror" , "express horror" , "Loud piercing cry" , "Cry of fear - laugh wildly" .)