Depending on the type of luck you are refering to, i.e. good or bad, this phrase either implies a
positive or negative statement. It implies that you recieved as much luck as was possible whether it be good or bad, aka you rode your luck untill it ran out, or simply just ran
out of luck.
It should
never be 'lucked in' as that just doesn't make any sense!
'Yeah, I lucked out with
the weather today' - Foo Fighters concert held during a night that was
supposed to have heavy rainfall and instead got little, or
'Nah, I lucked out with
the weather today' - Was not able to play tennis due to huge rainfall.