In its latest update of new words deemed to be in such widespread usage as to be dictionary-worthy, it stiffly defines the acronym for "you only live once" as "used to express the view that one should make the most of the present moment without worrying about the future (often as a rationale for impulsive or reckless behaviour)."*
It may have been an exercise in "clickbait" — a**ther new word included — but the OED has also listed some rather less salubrious entries. Read more...