Debauch means to destroy or corrupt someone's morals. Overnight fame and wealth might debauch a previously mild-mannered and altruistic actor. As a noun, debauch refers to a wild party characterized by excess.
The old-fashioned meaning of debauch involved antiquated ideas about virtue and the idea that a person's "moral purity" could be corrupted. Today this word is mostly used when a person's integrity or principles are corrupted, often under the influence of money or power. You might say that artists debauch themselves when their designs show up on mass produced T-shirts. As a noun, debauch refers to an out-of-control party — in other words, a gathering at which one's morals might be corrupted.