Source : Webster's Revised Unabridged Dictionary (1913)

Prance \Prance\, v. i. [imp. & p. p. {Pranced}; p. pr. & vb. n.
   {Prancing}.] [OE. prauncen; probably akin to prank, v. t. See
   Prank.]
   1. To spring or bound, as a horse in high mettle.

            Now rule thy prancing steed.          --Gay.

   2. To ride on a prancing horse; to ride in an ostentatious
      manner.

            The insulting tyrant prancing o'er the field.
                                                  --Addison.

   3. To walk or strut about in a pompous, showy manner, or with
      warlike parade. --Swift.

Source : WordNet®

prance
     n : a proud stiff pompous gait [syn: {strut}, {swagger}]

prance
     v 1: to walk with a lofty proud gait, often in an attempt to
          impress others; "He struts around like a rooster in a
          hen house" [syn: {swagger}, {ruffle}, {strut}, {sashay},
           {cock}]
     2: spring foward on the hind legs; "The young horse was
        prancing in the meadow"
     3: cause (a horse) to bound spring forward
     4: ride a horse such that it springs and bounds forward