What is this? Is this an actual game? She is all oily, like a female version of Hakan

Guess it is...I don't know the details, but after checking. Something called Strip Fighter 4 indeed exists. And since Hongfire have it...it must be a valid doujin game.

Yes, it's a real game.
It is a japanese game for the japanese PC only.
I actually learned of this game after seeing it played at AAC 2010 in New Hampsire.
One of the hosts had modded the game to play on a U.S. PC.

It's not the best, but it's still pretty fun.