Great happiness and exhilaration (7)
I believe the answer is:
elation
'great happiness and exhilaration' is the definition.
(I've seen this before)
This is the entire clue.
(Other definitions for elation that I've seen before include "Feeling of intense delight" , "Feeling of joy from toenail" , "High feeling?" , "State of pleasure about toe-nail" , "exhibits successful pride" .)