Some of these pictures and descriptions may give away plot details that you might not want to know before watching the film.
This thriller is a TV movie starring Shelly Hack from the original Charlie's Angels TV show. She plays Maggie, a college teacher in San Francisco who is bored with her safe boyfriend and constantly searches for kicks. (The theme song is a cover version of the Paul Revere and the Raiders song "Kicks.") At a skydiving airport, Maggie meets Martin, a mysterious rich man who shares her need for dangerous thrills and is looking for a risk taker like himself. One morning in his bedroom, she pulls out a large wicker basket and tells him whe wants to start the morning off with a game. They will each try to grab three silver dollar coins one at a time out of the basket with their bare hand. The catch is that there's a live venomous Cobra in the basket above the coins that will surely try to bite them. She manages to grab three coins, avoiding a snakebite, but he is bitten by the cobra on his third try. She reveals that she had the venom removed, and, aroused from the danger, they fall into an embrace on the bed. My first thought was - that's some crazy foreplay! Then I wondered - how did she sneak that huge basket into his bedroom, where did she get a Cobra in San Francisco, and how did she have the venom removed? I doubt she bought it at a pet store and took the snake to a veterinarian.
The snake is a real cobra, but I doubt it was ever in the same room with the actors. In some shots, we see what appears to be a human arm very quickly reaching into the basket next to the cobra, but if it's not a fake arm, it's most likely the arm of a stunt person or the snake wrangler. And it's possible the cobra has had its venom glands removed or its mouth sewed shut, both of which are tricks sometimes used by snake charmers.
You should be able to watch the whole movie on the Manfocused YouTube channel.
The snake scene starts at about 38 minutes.