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The competition isn't the only thing he's been smoking!
Olympic hero and 14-time gold medalist Michael Phelps was caught puffing on a glass bong at a raucous college party - a scene so potentially damaging to the phenom's career that his representatives al legedly tried to buy off the British newspaper News of the World in an attempt to kill the story, the paper reported.
The winner of a record eight gold medals last summer in Beijing showed up unannounced to a house party at the University of South Carolina in Columbia on Nov. 6.
There, the superstar swimmer, who partiers said was knocking back shots and chugging beers, inhaled deeply after one reveler passed him the water pipe etched with red writing, the paper wrote.
"He grabbed the bong and a lighter and knew exactly what to do," a witness said of Phelps, 23, who was in town visiting a gal pal, South Carolina co-ed Jordan Matthews.
"He looked just as natural with a bong in his hands as he does swimming in the pool. He was the gold-medal winner of bong hits," the witness said.
The report allegedly made Phelps' handlers so paranoid that they offered the paper an eye-popping deal to keep it from seeing the light of day - having the athlete pen a column for the paper for three years.
Phelps' camp also allegedly offered to host parties for the tabloid and push his sponsors to advertise with them.
"It's seeing if something potentially very negative for Michael could turn into something very positive for the News of the World," Phelps' spokesman, Clifford Bloxham, told the paper.
The scandal could be a major buzz kill for Phelps, whose agent, Peter Carlisle, has said the pool prodigy could bag up to $100 million in endorsements.
The world record holder's deals with Visa, PowerBar, AT&T Wireless and Speedo may all go up in smoke.
During the two-day stay, the normally reserved Phelps - described by one witness as "out of control" - was spotted partying hard with a flock of females.
"He arrived with a group of girls hanging all over him. Every girl wanted a piece of him, and every guy wanted to be his best buddy," a student told the paper. "He couldn't get enough of all the attention."
The next night, the water wizard was back on the scene, partying at Pavlov's, a bar near the college.
"He was holding court, throwing back shots two at a time and pouring drinks for every cute girl," the source told News of the World.
This isn't the first scandal for the pool golden boy who was supposed to appear at Friday night's pre-Super Bowl Leather and Laces party in Tampa, Fla.
Phelps was arrested in 2004 for driving under the influence when he was 19. He was sentenced to 18 months' probation and fined $250.
Phelps' spokesman did not return repeated requests for comment.

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