vagazzercise = vaginal + jazz + exercise
Following the rise to prominence of the portmanteau word vagazzle, radio's Bob & Tom put together a moderately funny fake commercial for a vagazzercising class in which vagazzled (and apparently bottomless?) women did pelvic thrusts and squats, etc., as a group. The women's sweat interfered with the glue holding their vagazzle rhinestones in place, causing them (the rhinestones, not the women) to shoot around the room like shiny little bullets.
A recording of the fake commercial isn't currently on the Bob & Tom Web site, but it might be soon.