Vajazzling seems like a bit of a misnomer. Technically, the vagina is the tube part of a female's reproductive organs. Nobody is sticking jewels there [maybe?]. I guess Pubedazzled is not as catchy a term and Vulvazzled probably isn't any more accurate.
Regardless, Bryce Gruber (daughter of Hans) is going to take us through the process:
Honestly, the result is a little disappointing.
Found at Gawker. Well, actually I clicked through from Lifehacker.