1) To debaucherize elegantly.
2) The act of indulging in human pleasures yet doing so without expressing your actions in a negative fashion; To live the life of Sex, Drugs, and Rock 'n Roll in the absence of shame; To party with class.
A very difficult thing to achieve, as most who attempt a debaucherized lifestyle end up something along the lines of 'trailer trash' and/or 'skank'.
In the mid 1960's, the Rolling Stones epitomized the art of elegant debauchery by doing numerous mind-expanding drugs, sleeping with countless beautiful women, and created songs of youth and rebellion, yet still managed to maintain an image of class and respect.
Antonym: Motley Crue.