The most common and most likely answer to this crossword clue is the 10 letter word EXUBERANCE
I've seen this crossword clue in The Daily Telegraph
E
X
U
B
E
R
A
N
C
E
More clues leading to the result EXUBERANCE
Buddy explains!

The straight part
We know that "high spirits" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case high spirits = exuberance.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does EXUBERANCE mean?
EXUBERANCE noun- The quality of being exuberant; cheerful or vigorous enthusiasm; liveliness.
- An instance of exuberant behaviour.
- An overflowing quantity; superfluousness.