Vajazzle is a word of extremely recent coinage. It's a portmanteau of "vagina" and "Bedazzler™", one of those "as seen on TV!" products you see on late-night paid programming or while in the checkout line at Walgreens.
To vajazzle is the act of vajazzling. The true origin of the word is unclear, but it was popularized by Jennifer Love Hewitt's book The Day I Shot Cupid: The Smart Girls' Guide to Dating, which was published in early 2010.
Vajazzling is a new, non-permanent form of body modification. It involves decorating the skin over the female pubis with Swarovski® crystals (for the well-heeled woman), or rhinestones (for the rest of us), plus sparkly letters if desired, etc. They're glued on in flashy patterns with a gentle, non-abrasive adhesive. Apparently, for best results, getting a Brazilian bikini wax beforehand gives more room for decoration and eliminates the possibility of the glue pulling up hair in a kind of drive-by plucking (ow!).
After a week or so, the crystals or stones can be plucked off with tweezers, reportedly without much pain. Letters painted on with glittery paint wash off after about a week as well.
Vajazzling generally goes with bikini waxing and will be performed either by the same salon attendant or a vajazzling "specialist".
As if women didn't have enough to worry about when considering their appearance, am I right? Plenty of spas in the New York City area are now offering this glittery, princessy pussy decoration, and it's becoming available in other areas. Get your vag vajazzled today! Or don't. Its effects on sex are unknown to the author.