Well I do think exhibitionism that men often feel they can't express in guy-mode is one motivation for dressing (although I think most people have multiple motivations). Certainly that's true of myself. Back when I was in college I told a girlfriend I wanted to dress sexy for her and ask her what she'd like to see me wear. She thought about it for awhile and suggested a suit....um, that's not really what I had mind.... (I was in great shape at the time, so I was hoping she'd say something like a tight tanktop.) A guy in a tight shorts or an open shirt is generally assumed to be gay or more likely just sleazy.
To put it more positively, for most people it's probably better described as wanting to look good and not being afraid to let people know it. Much like the GGs Susann mentioned. And there are definitely GGs who are truly exhibitionistic -- there's been more than a couple GGs on "What Not to Wear" who were baring way too much flesh. OTOH, as Terri said, there are also women who could care less about attracting attention (male or female).
Of course there's a bit difference between being
able to put yourself on display and being
expected by society to do so. I think if Virginia's SCC show-offs had to do their make-up every morning, I think they'd quickly find it loses a lot its appeal. (There's a way to curb your husband's dressing...

)
CJ, while I'm not sure your friend was being entirely honest with you -- or herself -- several good GG friends have told me there's a lot of competitive dressing that goes on among women that's intended for each other's approval, since most hetro men aren't observent or interested enough to notice.
Another key factor in the slutty look is the fact that while we may have a feminine side, we weren't raised as girls. A number of CDs, especially those who don't seem to get to dress much, seem a bit like teenage girls to me. They're revelling in their budding womanhood and enthralled by hair, make-up and dressing as a "woman." Va-va-voom.
So you see the same sort of overdone make-up and too short, too tight clothes that you see with teenage girls. I've heard of one girl who refers to this as her Bozo years. And because they typically dress alone, there's no parents to tell them: "You're not going out dressed like that." Nor the fear of being labelled the class slut. Both of which tends to cause most teenage GGs to tone things down after a bit of experimentation. Even if they get out to support groups, the problem is that support groups are often a be a bit
too supportive. It's very rare that someone will give you honest feedback about your appearance. Sorry girls, but no one over 50 except Tina Turner belongs in a mini-skirt.
Going out in public on your own does tend to result in a quick reality check...
Darla