Lil Wayne Clowns Ryan Lochte In Rap Verse

Even Lil Wayne is making fun of Ryan Lochte these days ... using the disgraced swimmer to attack Cash Money in a rap performance on 'Ellen.'

Weezy was performing "No Problems" with Chance the Rapper when he changed the words into a Cash Money diss.

The usual lyrics are ...

"And if that label try to stop me ... There gon' be some crazy Weezy fans waitin' in the lobby."

The new lyrics were ...