MTO WORD EXCLUSIVE: Rapper Lil Scrappy Got STABBED . . . With His OWN KNIFE!!! (He Pulled Out A KNIFE . . . Got It TAKEN . . . And Got STUCK TWICE In The CHEST)

October 16, 2011: MediaTakeOut.com just learned that rapper Lil Scrappy is in the hospital . . . recovering from two SERIOUS stab wounds to his chest. Scrappy is also in the CUSTODY of the DeKalb county POLICE.

Here's what happened . . . according to the streets.

Word is that Lil Scrappy's sister got into an ALTERCATION with her boyfriend. So she called up Scrappy, and told him to come over and help er.

Scrappy went over to his sister's house with a LARGE KNIFE . . . busted down the door and tried to STAB her BF. Well it ain't quite work out like that.

The streets say that dude TOOK the knife from Scrappy and poked him twice in the chest. And that his sister had to BEG her BF not to KILL DUDE.

They called police and paramedics who took Scrappy to the hospital, then arrested him.