Andrew-

That is the 3rd version of the "Tattooed Lady."

We have:

Groucho Marx's "Lydia, the Tattooed Lady" (tattooed lady at the circus or fair)

Cyril Tawney's "Tattooed Lady" (shipwrecked sailor on beach)

Rudy Vallee's "Tattooed Lady" (wife seduced by tattoo artist)

There are probably more versions of the first floating around and Rudy Vallee is also usually credited with the version that Groucho came up with. But contrary to some record notes "Lydia" is not the version on his 1934 recording (which I erronously described above as an early 1940's recording).

Cheerily,
Charley Noble