Live dangerously and shoot after drama (4,4,4)
I believe the answer is:
play with fire
'live dangerously' is the definition.
(I've seen this before)
'and shoot after drama' is the wordplay.
'and' becomes 'with'.
'shoot' becomes 'fire' (firing is a kind of shooting**).
'after' means one lot of letters go next to another.
'drama' becomes 'play' ('play' can be a synonym of 'drama').
'with'+'fire'='withfire'
'withfire' put after 'play' is 'PLAY WITH FIRE'.
(Other definitions for play with fire that I've seen before include "feel the heat?" , "Engage in something risky" , "Expose oneself to unnecessary risk" , "Put oneself in danger" , "Skate on thin ice" .)