…Whatever that means.
Literally: lift up – belly – sever – fall
Alternately: Something is incredibly funny. Laughing so hard that one needs to hold one’s sides to avoid hurting oneself.
Notes: Replacing 捧 with homophone 抱 (“to hold in one’s arms”) is not the original form, but has become a common-enough alternative that some sources consider it acceptable.
This compound is attributed to the Shǐjì, aka the Records of the Grand Historian, a 2100-year-old history text from the Han dynasty in China.
(One race from a series of animated horse-racing videos that I can only describe as one part formula, one part surrealism.)