This paper presents an original mathematical framework based on graph theory which is a first attempt to investigate the dynamics of a model of neural networks with embedded spike timing dependent plasticity. The neurons correspond to integrate-and-fire units located at the vertices of a finite subset of 2D lattice. There are two types of vertices, corresponding to the inhibitory and the excitatory neurons. The edges are directed and labelled by the discrete values of the synaptic strength. We assume that there is an initial firing pattern corresponding to a subset of units that generate a spike. The number of activated externally vertices is a small fraction of the entire network. The model presented here describes how such pattern propagates throughout the network as a random walk on graph. Several results are compared with computational simulations and new data are presented for identifying critical parameters of the model.