Answer:
No, it does not. Both have two syllables, but for something to rhyme, the word has to contain a similar sound. There are not many words which rhyme with either "splashing" or "laughing." But if we take "laugh"-- a word that rhymes with it is "half" or "calf." If we take "splash," a word that rhymes with it is "smash" or "cash" or "trash."