Nick Young -- I'm Changing Metta World Peace's Name Again ... And Mine Too (VIDEO)

Nick Young's excited about the Lakers bringing Metta World Peace out of retirement -- he just has a funny way of showing it ... which probably has a lot to do with the fact he got a little turnt Thursday night.

Nick was outside The Nice Guy in West Hollywood when we asked about his new teammate, and newsflash ... he's declaring yet another name change for Metta.

We're pretty sure Metta will NOT be down with his suggestion. Swaggy P also said something about switching up his own nickname -- but that could've been the drinks talking.

Definitely a fun night for Nick ... aka ole whatshisname.

Bonus: Nick's werewolf theory regarding that fight he and his pals had at a Dave & Buster's.