So one can live his whole life wicked and still be saved?
Why are you so hung up on "We are saved by Grace through Faith" and as the result of that Salvation we will do good works?
I'll reword your comment, then address it. So one can live his entire wicked life and still be saved? Yes. In the eyes of God, every single person on this Earth lives a despicable life because of our sin (small or large) every hour of every day. There is absolutely no way that we can work off that sin. It is that Salvation that God provided us by the Blood of Christ that, (Gift of Grace, Salvation) through our Faith in Christ (total, unconditional belief), covers our wicked life. I hope that you don't see your life as not being wicked in the eyes of God.
If you have accepted that Gift of Grace that God has provided you, put that Salvation to work and take the Gospel to the lost world. Don't keep it bound up in the never ending cycle of the lost-saved-lost-saved... struggle.