Jaime Pressly -- No Jail Time After Major DUI Bust

Jaime Pressly won't get any jail time for her recent DUI arrest -- when she registered a blood alcohol level of nearly THREE TIMES the legal limit -- because she just struck a sweet deal with prosecutors.

TMZ broke the story -- Jaime was arrested for DUI back in January after blowing a .22 ... and in case you didn't know, the legal limit in Cali is .08.

The "My Name Is Earl" star was charged with two counts of DUI -- driving under the influence, and driving with a blood alcohol level of .08 or higher.

But according to court personnel, the first count was dropped after striking a deal with prosecutors -- and Jaime pled "no contest" today to the second ... in exchange for three years probation.

Had she not struck the deal, Jaime could have faced as many as six months in jail.