It means very dangerous or risky

Her affair was risky, but at the same time she enjoyed it.

Michael's answer is perfect. Devine: pleasant/delightful Hazard: danerous/risky Delightfully dangerous. English is a language with which we can play. We change cliches and adjust old sayings to make them new and interesting. Good question, good learning.

Divinely = deliciously. Hazardous = risky. . she loved the buzz, the thrill of sleeping with her father's friend (presumably illicitly, and secretly) while also sleeping (also presumably illicitly, and secretly) with his son - with the ever-present danger of calamity if either found out about the other, or her father found out about his friend (I imagine).

..deleted.. duplicate.