1. A Verb:
* To move in a lively and spirited way, especially with a high stepping motion: This is the most common meaning, often used to describe a horse's gait or a person's walk.
* To move with a quick, light, and springing step: This is similar to the first definition, but emphasizes the lightness and agility of the movement.
2. A Noun:
* A reindeer: This is a specific meaning, referring to one of Santa Claus's reindeer.
Examples:
* Verb: "The horse pranced proudly around the arena."
* Noun: "Prancer was the most spirited of Santa's reindeer."
The meaning of "prancer" will depend on the context in which it is used.