The 45-year-old - who lost in a dance-off against Keith Chegwin - found herself in the bottom two and subsequently booted out.
She said: "I feel so bad for Matt [Evers]. I stumbled, my boobs fell out. It's common in my life."
Appearing on This Morning, she admitted: "I'm still in shock. I'm devastated and the nerves got to me. I really thought we'd do really well. I stumbled, I fell out of my dress.
"I knew it was going to happen. I asked for it to be covered up with petals. I'm used to having my boobs out, just not in that environment.
"The wardrobe assistant didn't cross the petals over how she should have done. Maybe it was a conspiracy theory! Kidding.
"I've done that routine flawlessly but I was only here a few days from LA so I didn't know what was going on."
Asked whether she'd do reality TV again, she said: "No, I'm never doing this again. I don't think I should be in this environment anyway. I don't know what I'm doing.
"Everyone around me tells me not to do it, but I just do what I want. Maybe I'll do Vegas next. I'm always being asked to front my own show.
"I want to be in musical theatre. Maybe I'll do something like that."
On resident 'nasty' judge Jason Gardiner, she said of the backlash against him on Twitter: "I feel sorry for Jason - well, not really."
She wrote on Twitter: "Thanks for everything. Sorry I was voted off... My dress fell apart in save-me skate. Devastated."
Presenter Phillip Schofield joked: "If it had happened a little earlier this evening you'd have been guaranteed a place in the final."
[Pamela Anderson's Twitter splits picture]
The activist - who works hands-on with charities including PETA, The Climate Revolution, Inga Foundation (reforestation), Haiti with J/P HRO and Sea Shepherd - said her favourite contestant was ex-EastEnders star Matt Lapinskas.
[On This Morning]
She said: "Matt used to watch me and well up in tears after our performances. I really hope he wins."
[Anderson promoting her charity work with skating partner Matt Evers]
Photo gallery - Dancing on Ice first live show: