A fine looking woman, a real beauty with a great body. Usually viewed from across the bar or room. Generally first seen from afar.
Term derives from Carl Spackler of Caddyshack - while looking at older woman putting, he calls her a "little monkey woman."
Phil: Hey, look at the girl in the yellow shirt...real hot monkey vagina.
Call from Home to the Bar: Hey Phil, any HMV at the bar tonight?
Phil: Hell yeah, tons of Hot Monkey Vagina.