Having a laugh about toiletry item (7,5)
I believe the answer is:
shaving cream
'toiletry item' is the definition.
(I know that shaving cream is a type of toiletry item)
'having a laugh about' is the wordplay.
'a laugh' becomes 'scream' (scream is a kind of laugh).
'about' is an insertion indicator.
'having' put into 'scream' is 'SHAVING CREAM'.
(Other definitions for shaving cream that I've seen before include "It aids facial hair removal" , "Bathroom product" , "Male toiletry item for the face" , "Highly pressurised stuff" , "Facilitator of a razor" .)