There is an important grammatical difference:
'Laugh' is a countable noun. 'We had some laughs' 'She has a loud laugh'. Ben has given you some good definitions of the use of 'laugh' as a noun, usually in the singular, occasionally in the plural/ I'd just add the idiomatic phrase 'to have laugh' , which means to have fun or find something amusing eg 'We had a laugh when we heard about John's silly mistake.'
'Laughter' is an uncountable noun, which means that it can't go with the indefinite article and has no plural form. 'Laughter' is a more abstract concept than 'a laugh', and refers to the physical ability or human capacity. For example 'Laughter is the best medicine'. The best things in life are health, love and the sound of laughter.
I hope that helps.