The Collaborative International Dictionary of English v.0.48:

Profligacy \Prof"li*ga*cy\, n. [See Profligate, a.]
   The quality of state of being profligate; a profligate or
   very vicious course of life; a state of being abandoned in
   moral principle and in vice; dissoluteness.
   [1913 Webster]

WordNet (r) 3.0 (2006):

profligacy
    n 1: the trait of spending extravagantly [syn: extravagance,
         prodigality, profligacy]
    2: dissolute indulgence in sensual pleasure [syn: profligacy,
       dissipation, dissolution, licentiousness, looseness]