Yes, ridiculous is used as well to mean funny, amusing, silly
His imitation was ridiculous. (he imitated the person in a silly manner, which does not necessarily suggest a bad imitation)
When you expect a compliment but you use ridiculous then even more it has that slightly sarcastic sense especially when nothing is funny around.
a ridiculously expensive car = car so expensive (but probably not as good) that I could only laugh at the price
but
He drank a lot and started behaving ridiculously. (funny, silly)
I met him at the party and his costume was ridiculous. (funny, laughable, but maybe not very successful)
However:
a ridiculous comedy - is probably not good a construction, because you can't figure out what the person meant: a bad comedy or an extremely funny comedy