This one makes me especially happy, somehow, because it sounds like some kind of crazy banjo.
Literally: wave – large wave – 10,000 – measure
Alternately: (Life is full of) dramatic highs and lows. (Life is) like ocean waves, with wild swings between good and ill fortune.
Notes: This compound may also be written 波乱万丈. The pronunciation is the same, but the character 乱 (“disorder”) is more common and familiar than 瀾.