Does one "laugh out of enjoyment while watching a movie"? Or does one "laugh from enjoyment"? Or "laugh of enjoyment"?
The prepositions out of, from, and of are all used indicate the source or cause of something. You could justify using any of them. However, I don't think they are equal.
The verb to laugh is used (at least in writing) with all of these prepositions. Using this NGram, you can see that to laugh from and to laugh out of are more common:
Some examples of both, as given in Google Books, are:
to laugh out of:
to laugh from:
As you can see, using from has more interpretations such as being used to denote a point in time. However, both out of and from can be used to denote why a person is laughing. In context, either would be acceptable (a person would correctly interpret from or out of to give the reason for laughing).