PAM BUSTS OUT WITH LIZ AT OSCAR PARTY

TALK about eye-POPPING!

Pam Anderson could barely contain herself at one post-Oscar fest — busting out of a low-cut white blouse and cavorting crazily with cover girl Liz Hurley.

Revelers at Vanity Fair’s bash booed when Pam and Liz walked in — maybe because Liz crossed a SAG picket line to film an Estee Lauder commercial . . . or maybe because Pam looked like a streetwalker in a skintight denim miniskirt and diamond necklace that spelled “PIMP.”

Says a spy-witness: “The girls were all over each other, grabbing each other’s behinds. At one point, Pam shamelessly stuck her hand down the front of Liz’ dress and squeezed! Liz let out a squeal.”

A few cocktails later, Pam decided the line for the ladies’ room was too long — and headed for the “Gents.” Tacky, tacky, tacky!