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Kendra Wilkinson has fired a new salvo in her escalating war of words with Holly Madison, calling her former co-star irrelevant and laughable.

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In her book, Down the Rabbit Hole, Holly says Kendra is the fakest person ever, one with a "hustler mentality" and who is "dangerous" when bored.

Wilkinson’s response can be summed up in three letters: LOL.

Noting that Madison’s memoir has come many years after their time in the Playboy Mansion, Kendra says Holly is desperate for revenge and pathetic:

"It’s pretty sad. It makes you question the timing, and it makes you wonder, ‘Wow, she wants real revenge.’ At the end of the day, true colors shine."

As for Madison’s claims that she’s a phony pot-stirring social climber, Kendra says Holly is the one "rewriting history" and is just bitter at this point.

Wilkinson "made a mistake thinking what we had was real," but the mother of two says there were clearly ulterior motives on Holly’s part all along.

Kendra believes money also played a role: "The one thing she truly wanted was a piece of that stock, a piece of Playboy and a piece of Hef’s will."

"She considers herself a failure because she did whatever it took to get that and [at the end of the day] she didn’t get what she wanted."

"Hef is the most amazing human being," Kendra adds.

"Behind the scenes," K-Dubs says, "people that actually know the truth are laughing their asses off. This is not even real. This person is out for revenge."

For the record, Madison counters Wilkinson’s gold-digging argument by alleging that Hefner tried to buy her for $3 million when she broke it off.

Major she-said, she-said stuff going on up in here.

Either way … the most astonishing part about all of this is that both of these women – and Bridget Marquardt – spent years banging Hugh Hefner.