Can you come up with any sensible sentence, into which the following combination of words would fit in well: "take your life safety lightly". Please, don't change the words order. Also, if possible, describe the context, in which that sentence would naturally appear.
I have to disagree with glenatron (EDIT: This disagreement appears to be between British and American idiom). While it is relatively non-idiomatic in American English to use "life safety" in the context suggested by the question, it is certainly a valid construction, both grammatically and semantically, and I wouldn't be surprised if I encountered it some text.
The issue (as noted in some comments) is that in the common case, "safety" by itself generally implies "life safety". However, there are other types of safety that we can reasonably talk about. Explicitly saying "life safety" can make sense either to ensure that the type of safety in question is unambiguous, or to emphasize the potential life-threatening nature of a situation.
For example, a manufacturing company might say "We take both fire and life safety seriously." In this sentence, the adjectives highlight that the company is serious about addressing multiple sources of danger, only some of which are potentially life-threatening. (Semi-related, the National Fire Prevention Association publishes a "Life Safety Code".)
English is flexible enough that it is the rare construction indeed that can be declared to be always wrong.
An aside on "your life safety" vs. "safety of your life": In English, it is extremely common for a genitive of specification to be replaced with a plain adjective--to the point that the genitive construction typically sounds awkward.
In answer to your question: No, I can't.
And I don't think there is a way that it could be formed into a sentence. The problem is "life safety" just isn't a term that works in English. If you were talking about the safety of your life, you would say "the safety of your life" so an equivalent phrase would be "take the safety of your life lightly."
Unless someone was to invent a piece of equipment called a Life Safety ( which given its somewhat awkward construction would not be something a native English speaker would do ) I can't see a way you could put those words in that order into use unless you were perhaps writing blank verse, in which case most rules of language construction are out the window, but to do that well is beyond most of us.