This is a really cool phrase. It certainly evokes imagery of dancing about nimbly on a ray of light, or something of the sort. But how does it make sense? "to trip" I can see as being kind of like dancing. "to trip the light" - which light? And what part of speech is "fantastic" here?
The common reference (as mentioned for instance in wordreference is from a verse in Milton’s L’Allegro (a pastoral poem by John Milton published in 1645).
This article illustrates the result when it is presented as modern ballet: