Jesse's Alleged Mistress #2 -- Merry XXXmas!

3/30/2010 9:00 AM PDT BY TMZ STAFF
Melissa Smith -- AKA Jesse James' alleged mistress #2 -- has been very, very naughty.

New video has surfaced featuring the alleged homewrecker flashing the cameras and shaking her booty at a Christmas party for back in 2007.

O come all ye unfaithful.