I don't know if I missed something or didn't hear it well, but I didn't understand what happened when Bobby and Laura met the guy with coke. Why did he try to kill them? And then Laura started saying "you killed Mike." Mike is Bobby's blonde friend, what Mike was this? How does this relate to later problems Bobby is having with Leo in the show when he and Mike owe him money.
I think Jacques, probably with Leo's agreement or more, set Bobby up. Bobby already owed Leo money, and maybe was becoming more trouble for Leo and Jacques than they thought he was worth, or any way more of a loose cannon on their ship. All of this certainly played a part in the episode 2 business --at which time I don't think Bobby yet knew that Jacques and Leo were a combine.
As for Laura and the Mike business, she might have been a bit shocked --both of them seemed to be-- and for a moment couldn't process past Dep. Cliff's resemblance to Mike Nelson. Or maybe she thought Cliff was going to kill her too (or both, in succession). That might explain her laughter.
____________________________________________________ Bob's only afraid of one man. He told me once. A man named Mike. I wonder if this was Mike in my dream. --Laura Palmer [in her diary], Twin Peaks.
I always took Bobby's line as straight-up disorientation on his part, so much that for a moment he thought he really might have screwed up big and shot his friend. I thought that Laura started at that same point, but then her private thoughts returned and led to what I said above, including the laughing fit.
__________________________________ The bonsai: the ultimate miniature. --Will Hayward, Twin Peaks.
That initially confused me, too. I knew that wasn't the "Mike" to whom we'd been introduced, and in fact, my first thought was, "Isn't that the deputy from the other town?" I just chalked it up to Laura being completely stoned, and Bobby being in shock.
I wasn't sure what to make of that either. I'm thinking Laura was largely messing with Bobby largely due to the emotional strain she was under-she did have a bit of a mean streak and understandably so(and the drugs probably played a role too). But on a larger level, perhaps it could also refer to the other Bob and Mike(the spirits) in an indirect fashion. I'm not sure that Laura was aware of Mike in this context, but like other characters on the show she seemed to sometimes have praeternatural insight into the otherworldly goings-on.
An excerpt from Laura's secret diary, written a couple of days before her murder --within the time frame of the night in the woods:
Somebody has to stop Bob. Bob's only afraid of one man. He told me once. A man named Mike. I wonder if this was Mike in my dream. Even if it was only a dream, I hope he heard me. No one in the real world would believe me.