Took a risky course of action and I hear you are in a hole last race first day (8)

'took a risky course of action and i hear' is the definition.
I can't tell whether this defines the answer.

'you are in a hole last race first day' is the wordplay.
'you are' becomes 'ur' (text or internet abbreviation).
'in' is an insertion indicator.
'a hole' becomes 'vent' (vent is a kind of hole).
'last' says to take the final letters.
'first' says to take the initial letters.
The final letter of 'race' is 'e'.
The initial letter of 'day' is 'd'.
'vent'+'e'='vente'
'ur' put inside 'vente' is 'venture'.
'venture'+'d'='VENTURED'

Can you help me to learn more?