Ex-Playmate of the Year Dog Walking Is Risky Business ... In THIS Dress!

11/11/2015 9:10 AM PST

Kennedy Summers -- 2014's Playmate of the Year -- likes to keep things very loose and very free when she's walking the dog ... obviously.

Kennedy slipped into a red evening gown, and apparently ZERO underthings, to take her pooch out Tuesday in Hollywood. 

At least one of them got a bone after this walk.