Here's a normal Ranger Smith HB walk. Upper Body and head is 1 drawing that pans up and down while the arms and legs move.
a slight variation...torso is held while legs move. No up and down motion.
http://www.cartoonthrills.org/blog/01Principles/walks/ranger/walk1walk2.mov
another variation- upper body is a held drawing, but the butt and belt moves up and down as he walks
now it starts to get obvious and stupid
Limited animation can be really fun if you take advantage of it.
I love making arbitrary decisions about which parts of a drawing to be held, and which to move. That's what they did in the original HB cartoons to try to fool you into thinking it was actually animated. The difference is, I don't want to fool you. I want it to be obvious and entertaining that only parts are moving. The stupider, the better, I say.
http://www.cartoonthrills.org/blog/01Principles/walks/ranger/walk3walk4.mov
It gets even stupider...I'll prove it