I've heard the phrase during the conversation of two teenagers. One was saying to the other, "Я веду разгульный образ жизни. Не знаю плохо это или хорошо."
What does that mean?
To me this means the person likes to go to wild parties, abuses all kinds of substances, is promiscuous, does not hold a steady job, have a business, or attend school, and generally does not go out of his or her way to be a contributing member of society. If you asked me to make up a sentence with it, the first thing that comes to mind is something along the lines of
Суд лишил её родительских прав, так как она вела разгульный образ жизни.
The court took away her parental rights as she lived a I am having a hard time coming up with a concise, fairly common, well understood, and accurate adjective, I do not want to use "rackety" because it is not as common in English as "разгульный" in Russian but you get the idea life.
The word гулять literally means to walk around for pleasure without a purpose, but can also mean to party in a wild manner. разгульный comes from the same root as гулять.