Actions or decisions that are predicated of both a person and an undertaking and implies a willingness to accept extrodinarily high risks with minimal gain or chance of successful outcome. This can also mean taking a chance on trusting a someone who is proven untrustworthy and therefore by association you are considered a crackhead for lack of good judgement.
Amy is always taking crackhead chances. Yesterday she lent her Maybach to her broke dopefiend cousin Dave so that he could take a trip to New Jersey. She hasn't heard from him since. You know that she will never see that car again.