In high spirits and delighted about end of failure, very (8)
I believe the answer is:
elevated
'in high spirits' is the definition.
(elevated can mean excited)
'delighted about end of failure very' is the wordplay.
'delighted' becomes 'elated' (I've seen this before).
'about' means one lot of letters goes inside another.
'end of' suggests the final letters.
'very' becomes 'v' (abbreviation).
The final letter of 'failure' is 'e'.
'e'+'v'='ev'
'elated' placed around 'ev' is 'ELEVATED'.
'and' is the link.
(Other definitions for elevated that I've seen before include "Brought" , "of high status" , "Sent to another place" , "Of high moral value" , "given lift" .)