1To be able to laugh or to break into laughter; to cause someone to laugh.
そのギャグは思わず笑えるタイミングだった。
That gag came at a moment that made me laugh without thinking.
友達の失敗談が面白くて笑える。
My friend's mishap story is funny and makes me laugh.
彼の表情が可笑しくて周りが笑える雰囲気になった。
His expression was so funny that everyone around started laughing.
2To be funny or laughable; used colloquially to mean something is amusing or ridiculous in a way that makes one smile or laugh.
こんな安い値段で売っているなんて笑えるよね。
It's laughable that they're selling it at such a low price, isn't it?
あの映画は期待外れで、逆に笑える部分が多かった。
That movie was disappointing, but it ended up having many laughable moments.
彼の言い訳はあまりにも稚拙で笑える。
His excuse is so clumsy it's laughable.