From 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)