The practice of striving to put into practice in one's own life the virtues that the saints practiced in theirs. This is one of the reasons why the Church canonizes saints, to give the faithful secure patterns of holiness in every period of Christian history and on every level of human society.
Fr. John Hardon, SJ, Moden Catholic Dictionary
And for the biblical basis of imitating the saints, click here.
This is the WRONG way to imitate the saints.