No, it's not just panties over a bra. The Winkee is just one of several options for the modesty-minded fashionistas out there who'd like to cover up their décolletage without adding extra layers.
Editorial note: Whoa! You've found a super-old post here on BuzzFeed, from an earlier era of the site. It doesn't really represent where we are anymore, and may in fact be totally broken, but we're leaving it up as a part of our early history.