The girl who holds the record not only got up to 12, but solved the general problem (that is, found an equation that describes the minimum size of the paper as a function of the number of folds, assuming the paper is incompressible).
She kind of cheated by basically folding a really long roll of toilet paper and always on the same axis. The Mythbusters got something like 10 crosswise folds by starting with a piece of paper the size of a football field and using a heavy roller to push out the pockets of air that resulted.
Considering YouTube has no policy against (clothed) boobs, you have to wonder why people come up with so many ways to show dramatic zooms of their chest. This has become a phenomenon.