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 ('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.