The Grammys told stars to cover up for this year's ceremony -- but, if Miley Cyrus' pre-Grammy outfit is any indication, she may not be playing by the rules.

Miley attended Clive Davis' annual bash last night, where she gave the middle finger to the Grammy dress code by flaunting some serious side boob.

Of course, she may dress a bit more conservatively when she presents at the Awards later today ... but, after chopping off her hair, she hasn't been exactly known for doing anything "conservatively."

The party was also attended by Katy Perry, Nicole Richie, a very blonde Tyra Banks and even Johnny Depp -- who sat at a very greasy-locked table with Alice Cooper, Dave Grohl and Paul Stanley from KISS.

Be sure to come back later today for all the best and worst of red carpet from this year's ceremony -- we'll be starting this year's coverage at 3:30PM PT.

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