Exultant old mate with a ring (4-1-4)
I believe the answer is:
cock-a-hoop
'exultant' is the definition.
(I've seen this before)
'old mate with a ring' is the wordplay.
'old mate' becomes 'cock' (both are terms of affection. I am not sure about the 'old' bit.).
'with' says to put letters next to each other.
'ring' becomes 'hoop' (synonyms).
'cock'+'a'+'hoop'='COCK-A-HOOP'
Can you help me to learn more?
(Other definitions for cock-a-hoop that I've seen before include "Pleased and triumphant, like rooster with hula toy" , "In high spirits" , "Feeling triumphant like male bird with toy" , "Exultant" , "Happy" .)