'Argo' Producer Grant Heslov -- How I Dodged the Oscars Toilet Disaster ...

When he wasn't taking up all of Ben Affleck's victory speech time -- "Argo" producer Grant Heslov says he managed to avoid THE GREAT TOILET DISASTER at the Oscars last night using a time-tested technique ... he held it.

Heslov -- along with his wife Lisa -- took his freshly scored Best Picture statue out to party at Craig's in Hollywood last night ... when we asked about the plumbing catastrophe at the Dolby Theatre.

Heslov told us he wasn't "personally" affected ... but he's one of the lucky ones.

As we first reported, the lobby was soaked in toilet water after a water pipe burst in one of the bathrooms.

So far, officials have not revealed the person who dropped the nasty toilet-bomb that destroyed the pipes ... but our money's on Anne Hathaway.