Even tho the other thread referenced above gives a very convincing explanation of "comic cuts" I was told a different one at least equally convincing: That a sailor's confidential service record was referred to as "connie cuts." That's how I've been singing it.

Also, the Yanks might not recognize the phrase "laughing like a drain." It took me quite awhile to decipher it. I first mondegreened it into "laughing like it'd rain" (whatever that might mean).