You shouldn't be reading all the words.
At the very least you should be skipping words like "the", "is", "it"...one of the points of Photoreading is reading what's important, and the only way you'll know what is and isn't important is from the photoreading step and trusting your intuition.
Personally, I'm not really into skittering. I use rapid reading, and it IS faster than just speed reading it because my comprehension is still good while my speed has skyrocketed, and I've taken the Evelyn Woods course. After rapid reading, I'll throw a couple sessions of super read and dip. The total amount activating the book will be under 3 hours, and that's for a book that would've taken me 10 or 12. PLUS, I'll know it better than just having read the book once.
If you feel you can't remember anything, it's either the photoreading step or your activation.
If you were literally laughing through the skittering process, you probably didn't retain enough of it in. This is normal (if you're not concentrating on activation) and it happened to me when I returned to PRing during the break after having not used it in two weeks ("Was I slower or faster than this?" - I would focus too much on the activation process rather than on what I was reading. After two irritatingly slow readings, I finally started subduing the urge to think about my activation and just did it instead).
You really have to detach yourself during the process and just absorb the material. If you start getting distracted on whether or not you're doing it right, you'll get screwed. It reminds of what I saw on TV a while ago - these lumberjacks were doing this contest with something called a "hot saw" (a one-cylinder engine mounted to a chainsaw) and they noted that the rookies got bent up over the procedures of the best approach, and would lower times because they thought about the process too much, whereas the older, and even weaker veterans of the "sport" trusted their instincts and got better times.
Where does paper in your book come from? Trees. Lumberjacks and photoreading. Yes - there's a connection.
-Ramon http://razor.ramon.com