Had to do some research on this one...but the pic really had me interested.
Pic is based on the game The Earth Defense Force 2 (地球防衛軍２)
Character is Palewing? (ペイルウイング隊員) Which I think might be the type of soldier she rather than her name.
Its a 3rd Person shooter rather fast paced and manic looking...there are a few gameplay vids on Youtube.
Posted a few pics of the character to balance out the transformation pic.
This particular pic seems to have been inspired by a SS which can be found here:
http://fanblogs.jp/adawognbio5/category_10/
Ran it in the Google translator and its a rather basic tentacle/rape/conversion deal. One squad goes to look for another squad who disappeared in an alien lair. First squad converts second squad...Of course the quality of the translation isn't quite there though Google has gotten better...better than Excite.jp at times.