Olympic swimming sensation Michael Phelps has been exposed as a bong-toking pothead in a photo taken on Nov. 6 at the University of South Carolina (USC) in Columbia.

While he was visiting co-ed Jordan Matthews, Phelps stopped at a kegger where he partied with students, beer, marijuana and some quality Roor glass.

Here are two reports:

News of the World
As he basked in his hero status, Phelps knocked back beers and shots of spirits. And when a student offered him the glass bong engraved with red writing, he did not hesitate, says our source. The 6- 4 athlete, in a white T-shirt and navy cap worn back to front, clasped the device in his huge hands and inhaled deeply. Our source said: "You could tell Michael had smoked before. He grabbed the bong and a lighter and knew exactly what to do. 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. Michael ended up getting a little paranoid, though, because before too long he looked like he was nervous and ran out of the place.'"

Star
"At one point someone asked him if he wanted to smoke some weed. Michael didn't hesitate and headed to a small back room, where he was immediately handed a big red bong. He grabbed the bong and a lighter and ripped a huge smelly bong rip." The source continues, "He knew exactly what he was doing. He looked just as natural with a bong in his hands as he does swimming the backstroke."

Phelps issued the following apology:

''I engaged in behavior which was regrettable and demonstrated bad judgment. I'm 23 years old and despite the successes I've had in the pool, I acted in a youthful and inappropriate way, not in a manner people have come to expect from me. For this, I am sorry. I promise my fans and the public it will not happen again.''

Phelps stands to lose lucrative endorsements. His sponsors include Mazda, Visa, Hilton Hotels, Subway, Kellogg, Omega, Speedo, 505 Games, Human Performance Labs (HPL).

Omega (the watch company) issued the following statement:

"The current story in the press involves Michael Phelps' private life and is, as far as Omega is concerned, a nonissue."

Speedo (the swimsuit company) chimed in:

"In light of Michael Phelps' statement yesterday, Speedo would like to make it clear that it does not condone such behavior and we know that Michael truly regrets his actions. Michael Phelps is a valued member of the Speedo team and a great champion. We will do all that we can to support him and his family."

A Hilton spokesperson added:

"We continue to support Michael Phelps as an athlete whose numerous athletic feats outshine an act of regrettable behavior."

HPL, which manufactures the PureSport protein drinks, are standing by their man as well:

"We applaud the fact that he has taken full and immediate responsibility for his mistake and apologized to us, his fans and the public and we support him during this difficult time,"

Phelps is represented by the Octagon, based in McLean, Virigina. His agent, Peter Carlisle, commented:

"Michael takes this very seriously and has spoken with his sponsors to personally apologize. We are encouraged by their support."

Meanwhile, in South Carolina, Richmond County Sheriff Leon Lott considered charging Phelps with marijuana possession:

"This case is no different than any other case. This one might be a lot easier since we have photographs of someone using drugs and a partial confession. It's a relatively easy case once we can determine where the crime occurred."

Lott ended his investigation without charging Phelps on Feb. 16.

Also see:

Waterlogged

Phelps on the Today Show

Phelps Up for Kids' Choice Award

SC Sheriff Ends Phelps Probe

Poker Player Owned Phelps Bong

The Party House on the Hill

Seven Arrested in Phelps Bong Case

Bill Maher Rips Phelps

Seth Meyers on Phelps - "REALLY!"

Hits from the Bong. Pt. 2

The Phelps Backlash

Weedies: Phelps' Latest Endorsement

Ross Rebagliati on Phelps

What Would Jack Babashoff Say?

Ashton Kutcher: Dude, Where's My Bong?

Phelps & Chong

Phelps' Roor Bong

Whoopi Goldberg: "I have smoked weed"

Santonio Holmes: Super Bowl Stoner