Michael Phelps MPhelps090708_02_X17.jpg

Hey, he deserves it! Right?

We spotted Michael Phelps (who clearly did NOT wanna be photographed) heading back to his hotel after the VMAs last night... our photog on the scene said the Olympic gold medalist was "having a VERY good time and appeared to have had more than just a couple of drinks."

Clearly he's taking advantage of his newfound fame and partying to the max - both in LA and Vegas! Guess Michael likes rum & cokes just as much as he likes fried-egg sandwiches, chocolate-chip pancakes and pounds (yes, pounds!) of pasta?

And don't forget those energy drinks!