Tareq Salahi Sues for $50 MIL -- Neal Schon's Schlong Ruined My Life

Tareq Salahi claims Neal Schon's penis is a tool for destruction ... which he whipped out and used in an effort to topple the thriving Salahi empire ... and now Tareq's suing the Journey rocker for $50 MILLION!!!!

Tareq just filed the lawsuit in Virginia ... claiming he and estranged wife Michaele Salahi were on track to make a fortune together from multiple TV shows including "Dancing with the Stars" ... before Schon's penis screwed everything up.

According to the suit, Tareq and Michaele had an offer to make $150k to participate on the Australian version of DWTS in 2011 ... plus, he claims, the couple also had an offer to appear on another network TV show in the U.S.

But when Michaele ran off with Schon in Sept. 2011... Tareq claims the TV shows pulled their offers.

AND IT GETS WORSE ... Tareq says Schon waged an X-rated campaign to humiliate him ... emailing Tareq a photo of his penis and calling him on the phone to tell him, "I'm f**king your wife."

In the suit, Tareq claims, "The act was a metaphorical slap in the face."

Tareq claims Schon humiliated him in public, too ... because the publicity would increase interest in the band's concert tour .. which resulted in a major boost in ticket sales.

Tareq is demanding at least $50 million for emotional distress, conspiracy to defame, interfering with a contract and defamation ... PLUS he wants $450k in punitive damages.