Your friend drinks too much, and just got caught cheating on his wife. You're angry and worried about him. You want him to start acting better. You tell him:
What are you doing with your life? You're spinning out of control!
When people tell you to "do something with your life", they mean that you should try to be successful. "Doing something with your life" includes getting a job (if you're unemployed) or getting a better job (if you already have one).
When people ask "What are you doing with your life?" it's because you don't seem successful or seem like you're being irresponsible.
When a person is "out of control", it means that they do bad things like drugs, fighting, cheating, and so on. It also means that they can't stop doing these things. For example, if a famous actor just got arrested, you can say:
He's out of control.
To "spin out of control" means to quickly become more and more out of control. A person who's spinning out of control keeps doing bad things and getting worse and worse.
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