Hi angliholic,
For averting further insinuations (333333333 and :lol

I venture to share with you a few definitions which should clear up this comparatively prosing subject-matter.
live it up = enjoy oneself, often extravagantly
(extravagant = characterized by excessive or imprudent spending)
(spending = the act of spending or disbursing money)
(disburse = to distribute (money) as payment)
For example: "They came into some money and decided to
live it up with a
trip around the world."
live it up = to enjoy yourself by doing things that involve spending a lot of money.
"I decided to
live it up for a while - at least until the money ran out."
live it up = to enjoy yourself completely without worrying about anything.
"They took a six-week holiday and
lived it up in the Caribbean."
live like a king = Enjoy a lavish style of living, as in
"He spared no expense, preferring to
live like a king as long as he could.
or
"Since they got their inheritance, the Andersons are
living like princes"
This expression continues to be used despite the much smaller role royalty plays in the present day.
Regards.
V.