O que significa Live as if you were living for the second time and had acted as wrongly the first time as you are about to act now. ?

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This is a VERY complex sentence.

INDEPENDENT CLAUSE
"[You] live"

Independent Clause Subject:
"[You]" (implied)

Independent Clause Verb:
"Live"

DEPENDENT CLAUSE (contains two independent sub-clauses)
"as if you were living for the second time and had acted as wrongly the first time as you are about to act now."

Dependent Clause Subordinating Conjunction:
"as if"

Dependent Clause 1st Sub-clause:
"you were living for the second time"

Dependent Clause 1st Sub-clause subject:
"you"

Dependent Clause 1st Sub-clause verb:
"were living"

Dependent Clause 1st Sub-clause prepositional phrase:
"for the second time"

Dependent Clause Coordinating Conjunction:
"and"

Dependent Clause 2nd Sub-clause:
"[you] had acted as wrongly the first time as you are about to act now"

Dependent Clause 2nd Sub-clause subject:
"[you]" (implied)

Dependent Clause 2nd Sub-clause verb:
"had acted"

Dependent Clause 2nd Sub-clause adverbial phrase (modifying the verb "acted"):
"as wrongly the first time"

Dependent Clause 2nd Sub-clause adverbial clause (modifying the adverb "wrongly"):
"as you are about to act now."

Dependent Clause 2nd Sub-clause adverbial clause subject:
"you"

Dependent Clause 2nd Sub-clause adverbial clause verb:
"are"

Dependent Clause 2nd Sub-clause adverbial clause prepositional phrase:
"about to act now"