Waka Flocka Flame Check Out My $100,000 Muppet

Waka Flocka Flame wasn't nominated for an Oscar -- but the rapper was still rollin' around L.A. with a giant gold statue around his neck ... a $100,000 replica of Fozzie Bear from The Muppets.

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FYI -- Mr. Flame says he got his nickname from Fozzie's catch phrase ... "wocka wocka wocka."