did you do this in blender or some other software like 3dStudio?
@ SHABA1 - yes, Blender and GIMP (for the textures). Kerkythea was used for some of the renders, but now I am going to stick to blender internal renderer since I have managed to get a little better lighting and colors.
Here is a new render of the face and the whole body 
Attachments
Muuuuuuuuuuuuuuuuuuuuch better!!! The face finally looks REAL!(your old face, honestly, SUCKED!)
(well, not YOUR face, but the lady person’s face…)
Her eyes are a bit higher and her nose is a way longer than it should be… May be her mouth should get a bit higher - related to shortening her nose.
I’ve seen a comment about the arc brows - so they need a touch.
I’d like her more if mouth ends are a bit higher than the middle, i.e. a bit of an arc or curve.
Regards,
All you need to do to make this girl look ok. Is moving down the eyebrowns and the eyes so they are in the middle of the head. And then move the ears up so they line up with the eyes. Then this girls face also will look sexy 
Someone pointed with an example from Lomis book , what it is needed to be made , this model must be remodeled cause some proportions are way off.
The rib cage it is to big for a female it is more male , the breasts are unatural due the rib cage size , from the navel down there it is another anathomical anomaly.
Even stilised females , charicatures , use proportions in body and head with a little grain and salt. In order to make your character look sexy or natural you must get the proportions in min and exagerate only based on them.
You make a long nose on a female face > you need to put in there the bones cause nose modify the other parts of the human face , same thing on others.
Look at this http://en.wikipedia.org/wiki/File:Human_anatomy.jpg you will see more that male rib chage it is visible big and female rib cage it is smaller , and some big diferences on navel zone down , and in faces.
have fun
Something more like this. Just move down the eyes and move up the ears to line up with the eyes. Then make the cheeks a bit rounder.
Lots of good comments in this thread, and good progress. My biggest critique is the general volumes of the body. She looks fatally anorexic, with not enough of either muscle or fat masses in the right places.
If you’re going to do female nudes, spend a lot of time studying them – life drawings are best, but there’s massive amounts of nude imagery on the web – it need not be “porn” – both of the glamorous variety (which it seems you’re striving for), but also the more “everyday” sort, which is a good place to learn about the differences between ideals & realities.
Based on your renders:
The rib cage extends too far down. The overall shape is OK it’s just too elongated vertically. This puts the recurve of her waist (which does begin just below the ribcage) too low, and between that and the flare of the pelvis, there’s not enough area for the mass of the external oblique muscles. The current re-curve is too acute as well, needs to be less severe – moving the waist up will help in that regard.
Raising the narrowest part of the waist also means re-shaping the lumbar region and buttocks – there is a much more generally triangular form to this area (a very rounded triangle, mind you! :D). A smoother curve between the masses of the gluteus muscles, and also extending this division upwards some, would also be helpful once the waist is revised.
Fat and muscle distribution in the upper thighs is too lean for “normal” figures, and even in super-lean female athletes, the mass distribution is such that the thighs & hips are wider below the visible ridges of the pelvic flanges, rather than starting to narrow at that point. There is often more muscle and fat mass in the inside of the thighs as well, though this looks more naturalistic that the outside curves of the upper thighs.
The rear curve of the rib cage looks a bit flat, and the masses of the shoulder blades seem set too low as well. The way the triceps insert below the rear part of the deltoids could use some attention, it looks a bit “puffy” there. The outside curve of the calves is a bit too high at its widest point – a more gradual curve with a lower extreme to the curve would help I think.
Lastly, I think her head is a bit too small for “ideal” proportions, and the neck somewhat too thin.
Overall a very good start on a difficult subject – keep at it!