The Collaborative International Dictionary of English v.0.48:

doll \doll\ (d[o^]l), n. [A contraction of Dorothy; or less
   prob. an abbreviation of idol; or cf. OD. dol a whipping top,
   D. dollen to rave, and E. dull.]
   1. a small, usually flexible figure representing a human
      being, especially a toy baby for a little girl; a child's
      puppet.
      [1913 Webster]

   2. an attractive woman or girl. [slang]
      [PJC]

            Come along and be my party doll.      --(The first
                                                  words of the
                                                  song)

WordNet (r) 3.0 (2006):

doll
    n 1: a small replica of a person; used as a toy [syn: doll,
         dolly]
    2: informal terms for a (young) woman [syn: dame, doll,
       wench, skirt, chick, bird]