放浪

放浪 has two flavors: (1) negative — 'dissolute, debauched' (放浪生活 'a dissolute life'); (2) literary/positive — 'unfettered, free-spirited' (放浪形骸 'unrestrained in manner'). The famous four-character set phrase 放浪不羁 (fànglàng bùjī, 'unbridled and untamed') is usually admiring rather than condemning.

memory

放 ('to release / let loose') + 浪 ('wave'). Picture a wave that's been let loose — crashing wherever it wants, no banks holding it in.