[hi-lar-i-tee, -lair-, hahy-]
cheerfulness; merriment; mirthfulness.
boisterous gaiety or merriment.

1560–70; earlier hilaritie < Latin hilaritās, equivalent to hilari(s) (see hilarious) + -tās -ty2

hyperhilarity, noun

2. See mirth.
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World English Dictionary
hilarity (hɪˈlærɪtɪ)
mirth and merriment; cheerfulness

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

mid-15c., from L. hilaritas (gen. hilaritatis) "cheerfulness, gaiety," from hilaris "cheerful, gay," from Gk. hilaros, related to hilaos "graceful, kindly." In ancient Rome, Hilaria (neut. pl. of hilaris) were a class of holidays, times of pomp and rejoicing; there were public ones in honor of Cybele
at the spring equinoxes as well as private ones on the day of a marriage or a son's birth.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
Years go by, nothing dims the hilarity of your comment on many things and the
  wisdom and kindness which informed it.
Allow me to recapture some of the hilarity of the search process now that it's
  behind me.
From hilarity to sobriety-though not of a poker-faced kind.
And the drumstick was consumed to the tune of high hilarity.
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