。
To live a dissolute life.
Literal
Dissolute life [object-を] send/live
放蕩 (ほうとう) = dissolute, dissipated, debauched — a moralistic word for reckless indulgence, especially wasteful living and excessive drinking/womanizing. 生活を送る is the standard collocation for 'to live a life' (literally 'to send a life'). Typical of didactic and literary registers.