The Collaborative International Dictionary of English v.0.48:

Gambol \Gam"bol\, n. [OE. gambolde, gambaulde, F. gambade,
   gambol, fr. It. gambata kick, fr. L. gamba leg, akin to F.
   jambe, OF. also, gambe, fr. L. gamba, hoof or perh. joint:
   cf. Gr. ? a binding, winding, W., Ir. & Gael. cam crooked;
   perhaps akin to E. chamber: cf.F. gambiller to kick about.
   Cf. Jamb, n., Gammon ham, Gambadoes.]
   A skipping or leaping about in frolic; a hop; a sportive
   prank. --Dryden.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Gambol \Gam"bol\ v. i. [imp. & p. p. Gamboled, or Gambolled;
   p. pr. & vb. n. Gamboling or Gambolling.]
   To dance and skip about in sport; to frisk; to skip; to play
   in frolic, like boys or lambs.
   [1913 Webster]

WordNet (r) 3.0 (2006):

gambol
    n 1: gay or light-hearted recreational activity for diversion or
         amusement; "it was all done in play"; "their frolic in the
         surf threatened to become ugly" [syn: play, frolic,
         romp, gambol, caper]
    v 1: play boisterously; "The children frolicked in the garden";
         "the gamboling lambs in the meadows"; "The toddlers romped
         in the playroom" [syn: frolic, lark, rollick,
         skylark, disport, sport, cavort, gambol, frisk,
         romp, run around, lark about]

Moby Thesaurus II by Grady Ward, 1.0:

59 Moby Thesaurus words for "gambol":
   antic, beam, bob, bounce, bound, caper, capriole, caracole, carol,
   carry on, cavort, chirp, chirrup, clap hands, curvet, cut a dido,
   cut capers, cut up, dance, delight, dido, disport, exult, falcade,
   flounce, fool around, frisk, frolic, gambade, gambado, glory, glow,
   horse around, joy, jubilate, jump about, lark, laugh, leap,
   let off steam, lilt, play, prance, radiate cheer, ramp, rejoice,
   revel, roister, rollick, romp, sing, skip, skip for joy, smile,
   sparkle, sport, spring, trip, whistle