Red Sonja in her chainmail bikini is knocked out, bound in a spread-eagle position to a cross-shaped shackle, and then swarmed, completely covered and overwhelmed by the squirming, writhing tentacles of the N'Garai, a Lovecraftian eldritch abomination summoned by Kulan Gath, the demon sorceror. However Spidey breaks free and saves her before she's consumed. "Sword of the She-Devil" is subtitle, in this case in an uploaded Norwegian translation.
Source: Uploaded scans series on photo sharing site