Thanks guys,

Before i went to sleep last night I did unheck all of the Collision, for the skirt's parts, from the properties palette, and ran the simulation again.  This time it didn't crash, but it ran all night and only made  it to Frame 5.(See pic above)  This time it managed to make some changes, but I'm noticing the skirt coming apart too?

Well it sounds like your cloth is breaking through at frame 3.

What does it mean when a cloth breaks through.  What is it breaking through, itself?  Could this be caused by the thong thing?*
**
1 hour is way too long, perhaps your geometry is too polygon heavy.*

I don't think we're too polygon heavy as the whole .PZ3 is only 20MBs. =  )

*It also sounds like you’re trying to clothify many different groups of clothing at the same time.

This is my next concern.  In step 2, after I click the Clothify button, I see two problems.  First is that there is no body part for just the rear skirt(Transparent white) part, and that actually the only part of the skirt that isn't named Hip, Collar, Shin, etc is the front loin.(See pic above ) And Secondly that the Body won't let me select it?(Step 2B of my illustration.)

I’m not familiar with your particular skirt but everything the skirt would collide with in real life, like the thighs, shins, hip, abdomen, buttocks, feet even the ground in some cases should be selected as collision objects

Yep, I was sure to check Collision in the Properties palette for each of those elements.  I also checked these same elements through Step 4b of my illustration. =  )

Meanwhile; I'm going to reduce this simulation to about 5 frames, try to parent the Body(?) of the skirt to V3's Hip, go ahead and ask As Shanim for his input, and read up on all of the wonderful tutorials that have been posted to this thread!

Thanks again guys, be back later!*