I think the saying that 'laughter is the best medicine' is probably quite close to the truth. Certainly, it has many benefits. I only looked quickly but this is one of a few studies from PubMed:
The therapeutic value of laughter in medicine
I love this bit, taken from the conclusions: Adverse effects are very limited, and laughter is practically lacking in contraindications. Well thank goodness for that ;-).
I do agree that adults probably hold back when it comes to laughter. Sometimes when I'm alone and I read / see something really funny, I will try not to 'censor' myself and let my body dictate how hard I laugh (and convulse and judder...!). It's fantastic. I was ill the other week and was sat on the sofa watching a comedy, and I must have burst out into full proper laughter five or six times. Not saying anything came of this directly but I was back at work the next day feeling much better. I certainly felt less sorry for myself at the time as well.