Is this real?

This would be the scene from the original Dragon Ball where Yamcha sneaks into Bulma's van and then whips off a blanket that he expects the Dragon Balls he's after to be under, only to find...yeah. And Yamcha at that point in the series was pretty terrified of women in general.

So to answer your question, yes, it's real.

He meant: Is the gif shooped or not, regarding the breasts/nipples. I only read the manga, so I can't tell, sorry.

I'm guessing this is from the raw unedited episode

I belive there was stars to cover the nuidty

From back in the day when a touch of nudity didnt destroy the moral fibers of reality and send the censors in full blown red alert

Krugger said:
From back in the day when a touch of nudity didnt destroy the moral fibers of reality and send the censors in full blown red alert

Yeah because shows like Queen's Blade are really struggling with all the needless censoring /sarcasm

It is foolish to believe that modern ecchi anime is censored for the sake or morality, it is censored for the sake of increasing uncensored DVD sales.