The female version of the midlife crisis. Often times it involves a tummy tuck and/or any other plastic surgery procedure to make her look younger.
"I saw Wanda coming out of the plastic surgeons office today. I'm guessing her Midriff Crisis is kicking in hard. I should know. That's why I was there, too."
Any middle aged women who dresses inappropriately and/or sports a belly ring. She may also have a relatively new tramp stamp which can be seen because she dresses like she's twenty-something instead of 40 (or over). She is almost always a divorcee and thinks of herself as a cougar.
Barb: "I was at the mall yesterday and saw Karen shopping at Urban Outfitters. What the hell is she thinking?"
Jessica: "No big surprise. She got her belly pierced last month and is entertaining a tramp stamp. Maybe we should stage a Midriff Crisis intervention."