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The phrase "out for a wild time" typically means that someone wants to show a lack of restraint and have no inhibitions. It is often said when one is going for a night out on the town or having some other fun occasion. This saying, which likely became popular in the mid-twentieth century, is still used today.
McGinnis, J. (n.d.). Out for a wild time. Pinterest. https://www.pinterest.com/pin/116671446580740422/