MMA Fighter Waylon Lowe Sues Kama Sutra Gel Co. -- You Wrecked My Penis!

An internationally-known MMA fighter ... claims a gel that is supposed to enhance sexual performance has ruined his ... claiming he now has a bum penis that can't ejaculate.

Waylon Lowe claims in a new lawsuit ... he bought a tube of Kama Sutra Pleasure Balm Prolonging Gel at a Philly sex shop -- which is supposed to desensitize the penis and enhance stamina. He lathered the gel on his junk and then covered it with a Trojan Magnum latex condom and began having sex with his fiancee.

The sex didn't last long, because their baby started acting up in the next room. While the fiancee tended to their daughter, Lowe claims he began experiencing excruciating pain in the penis. He removed the condom and says he was horrified to see a significantly swelled penis.

Lowe says he ended up in the ER and has suffered "catastrophic and permanent damage" to his penis. Among his many beefs:

-- permanent scarring and disfigurement
-- permanent loss of sensation
-- permanent loss of functioning
-- permanent nerve damage
-- loss of life's pleasures
-- inability to ejaculate

Lowe is suing for a minimum of $50k ... we're guessing he wants a lot more.

Lowe strongly insinuates in the lawsuit ... the damage was caused by placing the condom over the gel, despite the fact that the label gives users the green light to wrap it.