In a statement released by his marketing agency, Phelps said, “I engaged in behavior which was regrettable and demonstrated bad judgment.”

He continued, “I’m 23 years old, and despite the successes I’ve had in the pool, I acted in a youthful and inappropriate way, not in a manner people have come to expect from me. For this, I am sorry. I promise my fans and the public it will not happen again.”

The US Olympic Committee also issued a statement, saying, “We are disappointed in the behavior recently exhibited by Michael Phelps.
 Michael is a role model, and he is well aware of the responsibilities and accountability that come with setting a positive example for others, particularly young people.”

“In this instance, regrettably, he failed to fulfill those responsibilities. 
Michael has acknowledged that he made a mistake and apologized for his actions. 
We are confident that, going forward, Michael will consistently set the type of example we all expect from a great Olympic champion.”

According to The News Junkie…

“He didn’t know many people so you’d think he’d be a little shy. But he was loud, obnoxious and slamming beers from the get-go.

“Every girl wanted a piece of him and every guy wanted to be his best buddy. He couldn’t get enough of all the attention.”

As he basked in his hero status, Phelps knocked back beers and shots of spirits. And when a student offered him the glass bong engraved with red writing, he did not hesitate, says our source.

The 6ft 4ins athlete, in a white T-shirt and navy cap worn back to front, clasped the device in his huge hands and inhaled deeply.

Our source said: “You could tell Michael had smoked before. He grabbed the bong and a lighter and knew exactly what to do.

“He looked just as natural with a bong in his hands as he does swimming in the pool. He was the gold medal winner of bong hits. Michael ended up getting a little paranoid, though, because before too long he looked like he was nervous and ran out of the place.”

The Summer Olympics’ outstandingly golden boy, swimmer Michael Phelps, will dive into not-ready-for-primetime television as the guest host of Saturday Night Live’s 33rd season premiere, TVGuide.com has learned.

Airing Sept. 13, the sketch show’s season opener will “reunite” Phelps with musical guest Lil Wayne, the source of the gold-medalist’s pre-swim warm-up tunes.

Phelps, of course, won an Olympic record eight gold medals at the Summer Olympics held earlier this month in Beijing. Hopefully, we’ll get a sketch poking fun at China’s pre-teen female gymnasts. What other Olympic-y topics do you think are ripe for SNL-style skewering?