The true man wants two things: danger and play. For that reason he wants woman, as the most dangerous plaything.
A person fully alive, Nietzsche suggests, is drawn to two things at once: the thrill of risk and the freedom of play. Safety and seriousness alone make for a shrunken life. This fits his wider philosophy, which praises living dangerously, distrusts comfort, and admires the spirit that treats even hard things with a light, playful touch. The line comes from Thus Spoke Zarathustra, where he speaks in a deliberately provocative, sometimes harsh voice.
The remark about women is the part that dates badly. It reflects the narrow gender assumptions of his century and treats women as objects of male desire rather than as people. A fair reading takes it as a portrait of Nietzsche's ideal of masculine restlessness, not as a truth about women.
The useful part is the pairing of stakes and delight. Someone stuck in a predictable routine might take up something that frightens them a little and amuses them too, like starting a small business on the side or joining an improv class. The aim is to meet life with courage and a sense of play.