The first ring circling very quietly, one dancing with light steps (8)
I believe the answer is:
tripping
'dancing with light steps' is the definition.
'tripping' can be an answer for 'dancing' (to trip is to dance or skip). I'm unsure of the 'with light steps' bit.
'the first ring circling very quietly one' is the wordplay.
'the first' becomes 't' (1st letter of 'the').
'circling' indicates putting letters inside (circling can mean going around or containing).
'very quietly' becomes 'pp' (musical abbreviation for pianissimo).
'one' becomes 'i' (Roman numeral).
'pp'+'i'='ppi'
'ring' enclosing 'ppi' is 'ripping'.
't'+'ripping'='TRIPPING'
Can you help me to learn more?
(Other definitions for tripping that I've seen before include "Missing a step and nearly falling" , "Stumbling" , "old-fashioned dancing" .)