Yes, this is 'Ouroborus'. Normally it is depicted with only one snake biting its tail. There are several parallell interpretations: This symbol explains the cycle of the universe, life out of death phenomenon, and unending natural cycles. For more details one can visit the following link:
www.crystalinks.com/ouroboros.html
Ouroboros is an anient alchemy symbol depicting a snake or dragon (DNA) swallowing its own tail, constantly creating itself and forming a circle. It is the Wheel of Time - the Alchemy Wheel - 12 around 1 to manifest grid programs that give the illusion of linear time allowing souls to experience emotions.
Your interpretation, 777, the positive follows the negative and vice versa. Thus, if woman is seen as the giver of life, she also has to be seen as the giver of death, as one follows the other.
In some representations the serpent is shown as half light and half dark, echoing symbols such as Yin Yang, which illustrates the dual nature of all things, but most importantly, THAT THESE OPPOSITES ARE NOT IN CONFLLICT.
Here is a great link to a GRAND discussion on hyperlanguage:
http://phoenix.akasha.de/~aton/NextAndro.html
I love a feedback once you have read it!