활개치면서 << 활개치(다) + 면서
활개치다 : swing one's arms, flap the wings, flutter
V+면서 : as, while, at the same time (that), with, between, during
활개치면서 걷다 : walk while swinging one's arms
활개치다 is contraction form of 활개를 치다
활개 : one's arms, one's limbs, the wings of a bird
치다 : swing, flap