Play video content EXCLUSIVE TMZ.com

Margaret Cho pissed off an entire comedy club, sparking fights as she went off about being a rape victim, and ripped into white audience members.

TMZ obtained the video shot at the Stress Factory in New Brunswick, NJ Saturday night ... and you can hear the crowd is restless and angry. Witnesses tell us Cho started her set with a "debbie downer" discussion of her rape, Garry Shandling's death ... and white people having it so easy.

We're told she also made several gay jokes, and at least one such punchline led to 2 men in the audience fighting.

When much of the crowd had enough, they broke for the exit. As one angry customer put it, "This is comedy before Easter?? Rape, rape, rape?"

We're told Cho called some of the people bailing, racists and overprivileged white people. She blurted out, "You will never get a cent of the money back that you paid."