An MTV insider reveals exclusively to PerezHilton.com that 8-time Olympic gold winner Michael Phelps will be part of this year's Video Music Awards!

They're not exactly sure how he'll be worked into the show yet, but one hypothesis is that he'll introduce one of his favorite rappers, Lil' Wayne.

We bet Lollipop is one of Phelps' anthems post-Olympics! Uh huh.

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More troubles for Lil Wayne.

Recently we told you how the rapper was ordered by a Miami judge to pay New Orleans jeweler Jack Sutton $146k he was due in unpaid baubles.

Well, now Lil' Wayne has missed a scheduled court appearance. But this time it's related to drug charges.

Wayne, whose real name is Dwayne Carter, Jr. was due in Yuma County, Arizona on Tuesday as part of his ongoing legal battle against charges of drug possession.

And even though Wayne didn't show up, the judge said he was not excused from appearing.

Wayne was due in court for charges of possessing marijuana, ecstasy, and cocaine.

However, his reps claim he only missed the court hearing do to an "unnamed medical condition."

Riiiiiight.

Wayne is due back in court this October.

Let's hope he actually shows up this time!

[Image via WENN.]

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Lil' Wayne in space!

The platinum-selling rapper graces the cover of the new issue of XXL Mag as an astronaut.

This brings the LOLs!

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Hope the jeweler has a new store policy!

On Wednesday, rapper Lil' Wayne was ordered by a Miami judge to pay New Orleans jeweler Jack Sutton $146K.

The Lollipop man reportedly purchased a $138,000 diamond ring and $32,000 gold-and-diamond necklace from the jeweler in October 2006. They did the deal by phone, with Carter promising to make monthly payments, Sutton says.

The rapper sent one $24,000 installment, Sutton sent him the jewelry, but then Wayne quit paying.

That's a load of money! Why didn't he demand full payment before releasing the jewels?!

The jeweler filed suit last October, but it took eight months to serve Lil' Wayne with a copy of the complaint.

A source says Wayne may return the $138,000 ring — rather than pay the cash.

He should've returned the ring earlier!

[Image via WENN.]

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He may be celebrating having a huge #1 album, but there's also some bad news for Lil' Wayne.

The rapper has just been slapped with another lawsuit and it's for failing to pay for work done on his custom Bentley back in 2005.

Surely, he's got the money!

Wayne, aka Dwayn Carter, Jr., is already being sued for breech of contract by LeMarck deAndre, for not paying his $80,000 bill for modifying his 1999 Bentley Arnage.

The suit was filed back in December 2007 when deAndre claimed he received $78,507 in payment from Lil' Wayne back in August 2006, that's 10 month after the invoice was originally due.

The late payment broke their agreement which then caused deAndre to cancel the job altogether.

However, deAndre has now filed for another suit against Lil' for another $123,800 in damages.

WTF?

DeAndre says, "My direct observation and experience with Dwayne M. Carter's financial and personal irresponsibility over the years has taught and demonstrated to me that he has become the 'new symbol of financial illiteracy and slavery in/of the 21st century' and this is unequivocally not fiction nor is it a misunderstanding."

He continues, "For a little over five years, I have been involved with the consistent and perpetual business behavioural illustrations of Dwayne M. Carter's high-level of financial illiteracy, lack of liquidity, leveraged acquisition liability accumulation and below zero net-worth; as well as lack of business communication, character, and integrity - all learned behaviours - and the primary reasons for non-payment."

WTF did he just say and why is he suing him again?

Shouldn't he just have sued to get his payment owed?

Looks like someone just wants to drain Lil' for all their money!

[Image via WENN.]

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We told you guys that Lil' Wayne's new album was supposed to do well out the gates.

Well, it's done EVEN BETTER than expected!

The numbers are in and …..

The rapper's Tha Carter III sold just over one million copies its debut week, easily making it the #1 album in America.

In this day and age, NO ONE sells that much anymore.

The last album to open at a million plus was three years ago, with 50 Cent's The Massacre.

So congratulations to Lil Wayne.

Don't blow all your money on cough syrup!

[Image via WENN.]

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Here's something unexpected!

Although most industry insiders believed Madonna or Mariah would be the top-selling album of the year, it turns out that might not be the case.

Someone's set to beat both divas for biggest sales of the year, and that's rapper and "pretty boy" Lil' Wayne.

What helped his album get so much hype before it was even released?

Turns out it was helped by all the internet leaks of his songs!!!

It's been the best free publicity, say industry experts.

Lil' Wayne's Tha Carter III came out this Tuesday morning, so exact figures have yet been determined, but execs at his music label estimate the album will sell between 850,000 and 950,000 by the end of its first week.

And if they're right, that'd be double the amount Mariah's album opened with.

Damnnnnnnn!

Pat Monaco, exec VP of sales for the Universal Motown Republic Group, says that, "The accounts were bullish by 10 in the morning. The sales the first few hours were exceeding the rate that the Kanye album sold a year ago. Wayne was one of these records that, because it was so highly anticipated, with the leaks and everything, it caused more people to go out at 8 in the morning to buy the CD."

And with the CD such a long time in the making, Monaco adds that finalizing the album was "like putting a traditional setup and street date on a guy that was just nontraditional. It changed dates, changed titles, changed songs, changed the people that were working on it. But sonically, the record bears out."

Let's see if the album really sells that well.

Suck on it!

[Image via WENN.]

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Rapper and self-proclaimed "pretty boy" Lil' Wayne is set to appear in a movie soon.

Cuz that's real gangsta!

Lil' is in talks to appear in the upcoming direct-to-dvd The Fast and Furious 4.

Set to be returning to the film franchise is Vin Diesel and Paul Walker.

Former prison inmate Michelle Rodriguez is also said to be in the cast again for the 2009 release.

They all must be hard up for cash!

Lil' is really trying to turn into an actor now.

He's also said to be appearing in the movie Patriots, which will star Forest Whitaker and is set to release in theaters this November.

Wayne should stick to rapping….and drinking cough syrup!

[Image via WENN.]

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"The world is about to end in 2012… ’cause the Mayans made calendars, and they stop at 2012. I got encyclopedias on the bus. The world is about to end as we know it. You can see it already. A planet doesn't exist - there's no more Pluto. Planes are flying into buildings - and not just the Twin Towers. Mosquitos bite you and you die. And a black man and a woman are running for president."

- Lil' Wayne tells the new issue of Blender

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