After searching on the Internet, I found that many people have applied it:

(1) Don’t play with your friend’s wife

(2) Don’t cheat with your friend’s wife

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(3) Don’t play with your friend’s wife

(4) Don’t cheat with your friend’s wife

This is not a famous saying, but I think the use of “Don’t play with your friend’s wife” ” or “Friends’ wives, don’t play with them” would be more appropriate in most situations. "Play" means joking and teasing, and "抯" means to bully or deceive. Someone has an secret affair with his friend's wife. If you hint to him: "You cannot bully your friend's wife", he may misunderstand it as "You cannot abandon your friend's wife"!