Um, yeah. Sorry for the vulgar headline, but there is really no other way to put it folks. Hope on over to X17online to see more pictures of this horrid mess.
UPDATE 3:00pm PST: Upon further inspection and turning my head and looking at this from many different angles, I now realize that Ms. Lohan does not have a saggy cooter and the item in question is just the crotch lining of her tights. Apologies going out to Lindsay, but honey, "ladies" should never wear dresses that short.