Billy was born in Murray, Kentucky on the 20th of October, 1945, and unfortunately not much information is known about his early life. He grew up in Tucson, Arizona and went to school at Sunnyside High School. Billy joined the US Army in Phoenix at the age of seventeen and a little over three years later, he was deployed to the Republic of Vietnam with Company C, 2nd Battalion, 5th Cavalry Regiment, 1st Air Cavalry Division. It was his actions on the 21st of September, 1966, less than a month before his twenty-first birthday, that would earn him the Medal of Honor. The citation reads:

For conspicuous gallantry and intrepidity in action at the risk of his life above and beyond the call of duty. Pfc. Lauffer's squad, a part of Company C, was suddenly struck at close range by an intense machine gun crossfire from 2 concealed bunkers astride the squad's route. Pfc. Lauffer, the second man in the column, saw the lead man fall and noted that the remainder of the squad was unable to move. Two comrades, previously wounded and being carried on litters, were lying helpless in the beaten zone of the enemy fire. Reacting instinctively, Pfc. Lauffer quickly engaged both bunkers with fire from his rifle, but when the other squad members attempted to maneuver under his covering fire, the enemy fusillade increased in volume and thwarted every attempt to move. Seeing this and his wounded comrades helpless in the open, Pfc. Lauffer rose to his feet and charged the enemy machine gun positions, firing his weapon and drawing the enemy's attention. Keeping the enemy confused and off balance, his 1-man assault provided the crucial moments for the wounded point man to crawl to a covered position, the squad to move the exposed litter patients to safety, and his comrades to gain more advantageous positions. Pfc. Lauffer was fatally wounded during his selfless act of courage and devotion to his fellow soldiers. His gallantry at the cost of his life served as an inspiration to his comrades and saved the lives of an untold number of his companions. His actions are in keeping with the highest traditions of military service and reflect great credit upon himself, his unit, and the U.S. Army.

Billy Lane Lauffer was posthumously promoted to Sergeant and awarded the Medal of Honor and is buried in the Murray Memorial Gardens in his hometown of Murray, Kentucky: Christus Section, Lot 34A