This is Asa Saitou, from American Dawn, wearing a "chainmail bikini". And I drew it in 1999!
Of course it's an AD&D joke. Chainmail is AC 5. (Technically, with that buckler on her left hand, her AC ought to be 4, now that I think of it.) In third edition D&D her AC would supposedly be about 15 in that getup.
Actually? It'd be AC 10 in my game. Maybe 11, considering the buckler. Sorry, but a chainmail bikini does not count as armor. It's heavy swimwear for crying out loud.
...unless it's magical. Now, magic chainmail bikini, say +3, would give you an AC of 14 with that buckler on your off hand. 14 because base is 10, the buckler gives +1, and the magic of the chainmail gives you +3.
I can't help but imagine a male fighter finding the magic chainmail bikini somewhere, and strapping it on over his leather armor. It would look silly as hell and I expect that--depending on your interpretation of the "stacking" rules--wouldn't do a lick of good.
Except maybe that the bad guys would be laughing too hard at that getup to fight effectively.
This particular one-panel cartoon is from a brief series I drew for a friend's newsletter Echoes of Shadowmyr. I drew three of them, and I may just post all three of them here to amuse you; but because they were meant for publication (with however small a circulation) I took their creation seriously and put my best effort into them.
Eight years later I couldn't do better. Bad me.