Carmen Electra hasn't sported the ridiculously high-cut "Baywatch" swimsuit in over 15 years ... but she still wears it well!

The 40-year-old beauty slipped into her old costume for a photo shoot with In Touch, wearing an even more revealing version with side cutouts that show some serious side-boob.

"Once I got it on, I felt amazing ... it was a million times better than I thought it would be," she says of stepping back into the suit.

"I feel better than I did at 25," she adds.

So ... what's her secret? Carmen tells the mag she credits her body to a diet of protein and vegetables and her love of dance.

And those hoping to see more of her are in luck, as she says she's still game to do Playboy again!

"I love Playboy - they supported me from the beginning," she says. "I heard I've had the third-most covers of anyone, after Pamela [Anderson] and Anna Nicole Smith. I'm very proud of that!"

Carmen still looks great ... but what about the rest of the cast? See how they've aged in the gallery above!

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