To frolic/skip, but when someone asks you why you're skipping, you hide the fact you're extremely happy by using this word. This usually occurs when you are overexcited, and cannot contain yourself other than frolicking around.
Note: Root verb is pronounced as to rhyme with "frolic", but past-tense and present-tense is pronounced with a short "e". So it would be wal(eh)k.
A: What's up dude? Why are you prancing down the sidewalk?
B: To prance is not to walek. And that's just cause I got a new girlfriend.