Lolo Jones -- I'M SOOOO DRUGGED UP ... Keep Bill Cosby Away!

Here's a HEAVILY MEDICATED Lolo Jones -- all doped up on pain meds -- bitching about her small boobs ... and crackin' a Bill Cosby rape joke ... and yeah, it's pretty funny.

Jones had just woken up from surgery for her torn hip labrum -- still woozy from painkillers -- when she flipped on her Periscope and just let it go.

"Keep me away from Bill Cosby right now 'cause I'm heavily medicated ... he's not allowed to visit!"

There's more ... Jones jokes about the perils of having A cup boobs, not having a husband and took on her "You've Never Won a Medal" haters.