The Collaborative International Dictionary of English v.0.48:

Prance \Prance\ (pr[.a]ns), 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.
      [1913 Webster]

            Now rule thy prancing steed.          --Gay.
      [1913 Webster]

   2. To ride on a prancing horse; to ride in an ostentatious
      manner.
      [1913 Webster]

            The insulting tyrant prancing o'er the field.
                                                  --Addison.
      [1913 Webster]

   3. To walk or strut about in a pompous, showy manner, or with
      warlike parade. --Swift.
      [1913 Webster]

WordNet (r) 3.0 (2006):

prance
    n 1: a proud stiff pompous gait [syn: strut, prance,
         swagger]
    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: tittup, swagger, ruffle, prance,
         strut, sashay, cock]
    2: spring forward 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

Moby Thesaurus II by Grady Ward, 1.0:

119 Moby Thesaurus words for "prance":
   amble, barge, bob, bounce, bound, bowl along, bundle, canter,
   caper, capriole, caracole, cavort, clog, clump, curvet, cut a dido,
   cut capers, dance, dido, drag, droop, falcade, flounce, foot,
   footslog, fox-trot, frisk, gait, gallop, gambade, gambado, gambol,
   go on horseback, hack, halt, hippety-hop, hitch, hobble, hoof, hop,
   jog, jolt, jump, jump about, leap, limp, lock step, lope, lumber,
   lunge, lurch, mince, mincing steps, mount, pace, paddle, peacock,
   peg, piaffe, piaffer, plod, rack, ramp, ride bareback, ride hard,
   roll, romp, sashay, saunter, scuff, scuffle, scuttle, shake,
   shamble, shimmy, shuffle, sidle, single-foot, skip, slink, slither,
   slog, slouch, slowness, spring, stagger, stalk, stamp, step, stomp,
   straddle, straggle, stride, stroll, strolling gait, strut, stump,
   swagger, swank, swash, swashbuckle, swing, take horse, tap-dance,
   tittup, toddle, totter, traipse, tread, trip, trot, trudge,
   velocity, waddle, walk, waltz, wamble, wiggle, wobble