Well, Malvolio just said this after he found the letter written by Maria which said that Olivia was in love with him. He wanted and dreamed to be loved by Olivia and be a nobleman. For me this dream was full filled with the letter and for the audience this scene was really funny, since Malvolio was a fool of himself when he followed the letter's instructions. Also, we have a hint of pathos in the situation of Malvolio because his ambitions crashed down. The audience felt pity of him because of the things that happened to him, for example, when sir Toby and Maria used his preposterous behavior to lock him away as a madman.