If it's real it's dynamite! She's a Life Member of the NRA yet is at a pool where guns and alcohol are mixed. There is a third person behind the beer/cig guy holding another rifle. Behind her a male is holding a can, possibly beer, and in the other hand a cigarette.
She is wearing a stars and stripes bikini. It shows Vice Presidential candidate Sara Palin holding a rifle. It's an unfortunate aspect of modern life that just about any woman who enters the public sphere at a national level is presumed to have posed for risqué photographs (anything from cheesecake shots to nude pictures) at some point in her past, and that (whether she has or not) examples of such photos will inevitably be fabricated and put on public display.