Contemporary English Version (CEV)
Here is the Gospel, presented in a somewhat different form. In order to have a full relationship with God, we must be sinless -- we cannot violate a single aspect of the entire law. Keeping most of it doesn't count. And since we break even a small part of it every day, we should be judged by the Law, which means there would be no pity for us.
Except, God is merciful, because in Jesus Christ he has entered into creation and set us free from the demands of the Law. In his perfect life and substitutionary death on the cross, he has atoned for our sins and given us the ability to receive his rewards, rather than our own, when we come to judgment. We are judged on our faith in him, not on our own acts.
So are we free to live however we please? No, for we should live out of gratitude, which means that we love all people as much as we love ourselves. We don't get to pick and choose our favorites, and then spoil ourselves most of all -- we love all people as though they were Christ, and we serve with gratitude while honoring the God who has made us and redeemed us.