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Karissa Shannon is showing off exactly why Playboy came calling years ago ... literally! While working the red carpet at La Vida, wearing a skin tight red dress with cut-outs, the sexy blonde had a wardrobe malfunction.

As for why her dress "accidentally" slipped off her breast, Karissa tells our X17 videographer, "We didn't have time to stop and get boob tape." Wait, is it really a big deal considering the world has already seen her naked in Playboy? Makes you wonder.

After helping his lady get her dress in check, Shannon's boyfriend, actor Sam Jones III, took the opportunity to express why he thinks Spencer Pratt pulled the plug on the alleged sex tape. He tells us, "Spencer shied up."

Spencer ... shy? That's a good one.