I'll be honest, I have no idea what's going on with this little furball, but whatever it is, it's pretty darned cute. Of course, if you know what he's up to, let us know in the comments.
The video appears to be the tail end of a play session. The cat is still a little hyper, judging by its movement at the beginning of the video, and the "panting" is the cat's way of cooling itself after overheating from exhaustive play.
Moar cat videos pleez!
Adorable video btw heh