Secure two-party computation has witnessed significant efficiency improvements in the recent years. Current implementations of protocols with security against passive adversaries generate and process data much faster than it can be sent over the network, even with a single thread. This paper introduces novel methods to further reduce the communication bottleneck and round complexity of semi-honest secure two-party computation. Our new methodology creates a trade-off between communication and computation, and we show that the added computing cost for each party is still feasible and practicable in light of the new communication savings. We first improve communication for Boolean circuits with 2-input gates by factor 1.9x when evaluated with the protocol of Goldreich-Micali-Wigderson (GMW). As a further step, we change the conventional Boolean circuit representation from 2-input gates to multi-input/multioutput lookup tables (LUTs) which can be programmed to realize arbitrary functions. We construct two protocols for evaluating LUTs offering a trade-off between online communication and total communication. Our most efficient LUT-based protocol reduces the communication and round complexity by a factor 2-4x for several basic and complex operations. Our proposed scheme results in a significant overall runtime decrease of up to a factor of 3x on several benchmark functions. Permission to freely reproduce all or part of this paper for noncommercial purposes is granted provided that copies bear this notice and the full citation on the first page. Reproduction for commercial purposes is strictly prohibited without the prior written consent of the Internet Society, the first-named author (for reproduction of an entire paper only), and the author's employer if the paper was prepared within the scope of employment.