Read the term in Neil Strauss'
The Game- "The pickup thing was never about sowing my wild oats". As one can understand from the worrding itself, it has something to do with 'spreading seeds' :).
Roughly speaking it means-
to have wild sex life,
to have sexual relations with multiple partners,
to have one's fling of affairs,
I think the wording itself makes it clear that the term is intended more for males. The term is mostly used for indicating a young male's fun-filled life, before he gets married.
There is exact idiom for this 'phenomenon' in French- "jeter sa gourme". Trying to dissect this one literally, one understands the meaning much more graphically.