FRAP
 

I got this from mycorgi.com but I think it applies to other dogs as well.
FRAP (Frantic or frenzied acts of random play) are when the corgi does the figure eights around the furniture or bushes outside, ears laid back and seemingly possessed. There are very tight turns, full out running, turning in one direction several times, stopping and then doing several laps in the opposite direction.

My oldest corgi still does that sometimes (he's 3 yrs old). He runs like a maniac, then settles down with a big grin. My little one doesn't do it though.

Kinda looks like this:
http://www.youtube.com/watch?v=R-TmPxjyVIk

yea my dog does that occasionally too, i figure its because he didn't get enough exercise and it ususally take place when the weather is bad and i couldn't take him out

That corgi in the ring was either really stressed or way too excited.
My Terv use to do something similiar. Even jumped the ring rope to make a bigger circle. The figure eight running when they have a burst of energy is funny to watch. My shih tzu use to do that when he was younger. The golden I'm looking after will do it when he's really excited.

yeah, this doesnt just apply to small dogs. when my dog got all excited he use to do this too, now that the carpets are gone, he drifts around the couch, which is hilarious to watch. however it seems easier for smaller dogs to do this.