Running amok two lasses in wood indulge in dissipation (3,4,4,4)

I believe the answer is:

sow one's wild oats

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'indulge in dissipation' is the definition.
'sow one's wild oats' can be an answer for 'indulge' (sowing one's wild oats is a kind of indulging). I'm not certain of the 'in dissipation' bit.

'running amok two lasses in wood' is the wordplay.
'running amok' indicates anagramming the letters.
'two'+'lasses'+'in'+'wood'='twolassesinwood'
'twolassesinwood' anagrammed gives 'SOW ONES WILD OATS'.

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I've seen this clue in The Telegraph.

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