Literally: wake up – death – revolve – life
Alternately: Coming back from the brink. Recovering from a seemingly-hopeless situation. A sudden turnaround. A Blue Team win deep in Red Team territory.
Notes: Apparently this phrase comes to us from the Taiping Guangji (太平広記, in Japanese Taihei kouki), a story collection from the early Song dynasty, where it was originally used to describe a doctor so skilled that they could bring the dead back to life.
回 may be replaced by 廻 without any change in pronunciation or meaning; the halves of the compound may also be reversed to produce 回生起死.