EXCLUSIVE

They say a picture's worth a thousand words ... and if that picture happens to feature a penis that was FRACTURED during sex, it might be worth a couple thousand bucks ... at least that's what MMA fighter Ray Elbe is hoping for.

Sources close to Elbe tell TMZ ... the former "Ultimate Fighter" contestant TOOK PHOTOS of his mangled manhood after his GF snapped it in half during a spirited love-making session.

As we previously reported, Elbe's penis ripped open ... sending blood spattering all over his room. He was rushed to a nearby hospital where he was immediately stitched up.

Elbe racked up thousands of dollars in medical bills ... and now, we're told the fighter is actively trying to shop the pics to various media outlets so he can pay for his expensive dong treatment. Elbe racked up thousands of dollars in medical bills ... and now, we're told the fighter is actively trying to shop the pics to various media outlets so he can pay for his expensive dong treatment.