For the waywardness of the simple will kill them, and the complacency of fools will destroy them.
This verse instilled a sense of urgency in me concerning sin, both my own sin and the sin of others. It reminds us that sin is not a game. There is something at stake, and that something is our very lives.
It reminds me of an idea I found in Mortification of Sin by John Owen that our struggle against sin is an all out war. There can be no peace, because sin will never make peace with us. If we ignore it, it will destroy us.
All that sounds simple, but I think it is easy to lose this sense of urgency. We can become satisfied with less than victory. We can attempt to make peace with it and say "This far, but no further," but sin is always advancing and will not respect any peace treaty.
This verse is a call to action. Remember! Sin is not your friend, nor is it harmless. Its goal is to kill you. Do not trust it, do not embrace it. Do not make peace with it. Seek to free yourself. Escape while you can!
How do we free ourself from sin? What should we do? There are many things, but really there is only one thing: seek deliverance from God. Beg him for release. Turn away from your sin and seek God with your whole heart. Reach out to God in faith, with confidence because you know that God has already extended grace to you through Jesus Christ.
Therefore, since we have a great high priest who has gone through the heavens, Jesus the son of God, let us hold firmly to the faith we profess. For we do not have a high priest who is unable to sympathize with our weaknesses, but we have one who has been tempted in every way, just as we are––yet was without sin. Let us then approach the throne of grace with confidence, so that we may receive mercy and find grace to help us in our time of need.
Hebrews 4: 14-16
The way to freedom from sin is marked by a sincere pursuit of God in prayer and reading of his word and by a vigorous resistance of sin. I don't think those two things can exist for long without each other, so perhaps it would be better to call them one thing.