The Collaborative International Dictionary of English v.0.48:

Rakehell \Rake"hell`\, Rakehelly \Rake"hell`y\
   (r[=a]k"h[e^]l`[y^]), a.
   Dissolute; wild; lewd; rakish. [Obs.] --Spenser. B. Jonson.
   [1913 Webster]