There is nothing wrong with laughing as such. However, there is good laughing and there is bad laughing. There are right occasions to laugh and there are wrong occasions to laugh. Also like any thing else laughing should be with balance and in moderation. Allah has also mentioned all kinds of laughing.
Good people laugh.
The Qur'an also condemns those who laugh at Allah's Prophets, Messengers and at the righteous people. Similarly we have hundreds of Ahadith about laughing. It is mentioned in some Ahadith that even Allah laughs and smiles on occasions. There is a beautiful Hadith in al-Bukahri in which it is mentioned that a man will make Allah laugh on the Day of Judgment and Allah will send him to Jannah. He used to laugh but without open mouth except at some occasions the Sahabah said that he laughed until his teeth were seen.