Gunplay -- Best Part of House Arrest ... I CAN HAVE SEX!

Gunplay tells TMZ ... he's extremely excited to be out of jail and on house arrest -- where he can actually have sex with other people ... instead of being stuck with his right hand.

Gunplay -- a rapper who's signed to Def Jam-- was released from jail on $150,000 bond and placed on house arrest stemming from an April 13 incident in which he allegedly attacked and robbed his accountant in Florida.

"Being on house arrest really is a blessing for me," Gunplay tells us ... "This has helped me slow down and not want to do negative things anymore."

He adds, "This is a life-changing eye-opener for me that I need to just slow down and do right."

Gunplay -- who's still facing charges of aggravated assault and armed robbery with a firearm -- says he's passing the time by working on his album, playing video games and bangin' chicks ... which is a HUGE change from how he entertained himself while he was behind bars.

"One main difference from house arrest instead of jail is that I can still get sex ... which is a wonderful thing. Although in jail I was still f**king Corporal Mary Palmer and her five sisters."