The Situation's HORRIBLE live routine at the "Comedy Central Roast of Donald Trump" was far more PAINFUL than it appeared on TV ... and TMZ has uncovered the TERRIBLE "jokes" that were cut from the broadcast.

Among the crap that didn't make the cut -- a racial attempt at humor directed at Snoop Dogg:

"Yo Snoop, what up dawg ... you know you have so much in common with Donald Trump?

Trump's ancestors were into real estate ... and your ancestors were considered property."

More terrible cracks ...

"I'm not from New Jersey ... I was born in Staten Island which is a New York borough ... not to be confused with the burro Marlee Matlin bl*ws onstage in Tijuana ... "

He continued, "Relax, she didn't even hear it ... I mean hey, at least her mouth is good for something right? Hey, that was definitely some great work Marlee ... have you ever done anything else actually?"

Sitch ignored the boos and groans and continued ...

"Larry King is rockin' the Armani diaper ... Seth MacFarlane is sporting Victoria's Secret ... panties. And Snoop is wearing a Louis Vuitton condom ... nah, I'm just kidding, he don't wear condoms, you know that!"

And it just didn't stop ...

"I like Larry King ... he's a playa ... he actually wrote a book named 'Mr. King Is Having a Heart Attack' ... he got that title from a hooker he was f**king."

One last parting shot for Trump:

"Trump is a good looking dude ... if your eyes are like Marlee Matlin's ears."