Final answer:
The small erectile body above the vaginal orifice with many sensory nerve receptors is the cl*toris, which is highly sensitive and crucial for sexual sensation and orgasm.
Step-by-step explanation:
The small erectile body located above the vaginal orifice, which contains many sensory nerve receptors, is known as the cl*toris. The cl*toris is a small, sensitive external female organ part of the vulva, with a structure homologous to the male p*nis.
It is encircled by the superior, anterior portions of the labia minora. The glans cl*toris, an organ that originates from the same cells as the glans p*nis, is rich in nerves and plays a crucial role in sexual sensation and orgasm. Although it is much smaller than the p*nis, it contains a similar structure with two corpora cavernosa and is capable of becoming erect during sexual arousal.