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** WARNING -- VIDEO CONTAINS TIM DUNCAN SAYING A CUSS WORD**

The San Antonio Spurs PARTIED LIKE CHAMPS hours after they were eliminated ... with Tim Duncan dragging one of his hammered teammates out of a nightclub ... and TMZ Sports has the footage.

Tony Parker, Tim Duncan, Boris Diaw and the rest of the squad hit up Project Club L.A. in Hollywood on Saturday right after losing a Game 7 thriller to the Clippers.

You gotta check out the clip -- Aron Baynes was in especially rare form ... with Tim Duncan telling him to "Shut the f**k up" as he dragged the seemingly HAMMERED 28-year-old down the street.