Looking at the extra images on Google, there's only one brown (Line) wire going to the board, at one end of the fuse with no branch tracks, so the varistor must be after the fuse. It looks like its across Line and Neutral, and its purpose would be to shunt spikes that could otherwise damage the TRIAC and control circuit. At the normal 120V supply voltage it normally would be non-conducting. It would be specified to conduct at about 200V. As it normally doesn't conduct you can clip it out, (and keep it - you need the part number), clean the burn marks off the board, and check the fuse - if its O.K, the laminator should then run from 120V, unless the transformer or motor have been damaged by the overvoltage. If it runs, order a new varistor (post a closeup of the blown one's part number if you have difficulty matching it) and fit it otherwise the laminator will probably die an early death due to mains spikes. If it doesn't run, its B.E.R.