The Collaborative International Dictionary of English v.0.48:

Prank \Prank\, v. t. [imp. & p. p. Pranked; p. pr. & vb. n.
   Pranking.] [Cf. E. prink, also G. prangen, prunken, to
   shine, to make a show, Dan. prange, prunke, Sw. prunka, D.
   pronken.]
   To adorn in a showy manner; to dress or equip ostentatiously;
   -- often followed by up; as, to prank up the body. See
   Prink.
   [1913 Webster]

         In sumptuous tire she joyed herself to prank.
                                                  --Spenser.
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The Collaborative International Dictionary of English v.0.48:

Prank \Prank\, v. i.
   To make ostentatious show.
   [1913 Webster]

         White houses prank where once were huts. --M. Arnold.
   [1913 Webster]

The Collaborative International Dictionary of English v.0.48:

Prank \Prank\, n.
   A gay or sportive action; a ludicrous, merry, or mischievous
   trick; a caper; a frolic. --Spenser.
   [1913 Webster]

         The harpies . . . played their accustomed pranks. --Sir
                                                  W. Raleigh.
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         His pranks have been too broad to bear with. --Shak.
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The Collaborative International Dictionary of English v.0.48:

Prank \Prank\, a.
   Full of gambols or tricks. [Obs.]
   [1913 Webster]

WordNet (r) 3.0 (2006):

prank
    n 1: acting like a clown or buffoon [syn: buffoonery,
         clowning, japery, frivolity, harlequinade, prank]
    2: a ludicrous or grotesque act done for fun and amusement [syn:
       antic, joke, prank, trick, caper, put-on]
    v 1: dress or decorate showily or gaudily; "Roses were pranking
         the lawn"
    2: dress up showily; "He pranked himself out in his best
       clothes"

Moby Thesaurus II by Grady Ward, 1.0:

91 Moby Thesaurus words for "prank":
   adorn, antic, array, beautify, bedeck, bedizen, blazon, caper,
   caprice, color, conceit, dandify, deck, deck out, decorate, dizen,
   doll up, dress, dress up, embellish, emblazon, embroider, enrich,
   escapade, fancy, fancy up, fig out, fix up, fooling, freak,
   frivolity, frolic, furbish, gambol, garnish, get up, grace,
   gussy up, high jinks, horseplay, jape, jest, lark, levity,
   lightness, mischief, monkeyshine, monkeyshines, ornament,
   overdress, paint, play, practical joke, prank up, preen, prettify,
   pretty up, primp, primp up, prink, prink up, rag out, redecorate,
   redo, refurbish, rollick, roughhouse, rowdiness, set off, set out,
   shenanigans, shines, skylarking, slick up, smarten, smarten up,
   spiff, sport, spruce up, stunt, titivate, tomfoolery, trick,
   trick out, trick up, trim, vagary, waggish trick, wheeze, whim,
   whimsy