Act as a senior JavaScript developer with 5+ years of experience in building interactive web applications. Guide me step-by-step in creating a functional stopwatch using vanilla JavaScript. Include [START/STOP], [RESET], and [LAP] functionality. Ensure the stopwatch displays [MINUTES:SECONDS:MILLISECONDS] format and updates in real-time. Explain how to use [setInterval] for timing and [event listeners] for button interactions. Provide clean, modular code with comments for clarity. Also, suggest best practices for optimizing performance and handling edge cases, such as [rapid button clicks] or [memory leaks].