I can't believe how many responses I got on foundphotos. That just blew me away!

I'm fairly certain it is a real photo because the paper is much thicker than one would expect for a fake photo. Also, there is a studio stamp in the lower corner:

(http://photobucket.com)

I should have included this in my original explanation but Chris' grandpa owned several "night clubs" when he was a young entrepreneur. Chris thinks this woman was a dancer at one of the clubs.