National Lampoon October 1974 issue. Google it, it's probably not the cover that you are thinking of, but it is still very famous and the best selling issue of the mag ever. Noteworthy as it was the first time P.J. O'Rourke acted as editor-in-chief, and has a beautiful full color "Trots & Bonnie" cartoon by Shary Flenniken. The girls steal the lesbian gym teacher's strap-on. Hilarity ensues. Also, has a short story by Chris Miller, "Night of the Seven Fires", which was used as source material for "Animal House". The mag was in fine condition, so it was worth the $39 I paid for it. Near mint can cost as much as $50 or $60.
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I think she's hot, hot, hot and that gives her vagina tattoo bonus points. The cat-nose-and-whiskers, though, makes me wonder. That doesn't seem like a smart tattoo at all.

-- Rear Admiral