and yeah last time i was just walking through market for handicraft and i saw an approx 15-16 inch laughing buddha made from yak bones which was hollow from inside and if you put DHUP(kind of candle burnt in temple and gumbas(budhist temple)) and burn it then smoke come from outside of buddhas mouth which makes a cool sight especially in mornings its very holy and peaceful for mediatation and according to bastu sastra it is believed everyone should have one in their house.
From what I've heard about laughing buddha its being said that if one gifts a laughing buddha to someone, it would bring good luck to the person who received the gift but one can never purchase the laughing buddha for himself/herself since it might bring bad luck to them.
The laughing Buddha has two meanings. First he represents the Maitreya Buddha, the Buddha to come. Like all Messiahs he will bring in a time of happines, that is why he is always laughing to represent joy. he is also shown as fat and jolly to represent the times of plenty and he is often shown as surrounded by children to represent fertility. He is usually called "The happy Buddha" The other meaning is the cosmic joke mentioned. Buddha said that when you get truly enlightened, when you really understand, you'll laugh. Because it's been staring you in the face all the time. That leads me to believe that the Hokey Pokey is what it's all about.