World Series of Poker 2nd Place Winner -- I'm Buyin' a Ferrari ... AND AN ASTON MARTIN!

Losing the World Series of Poker ain't really that bad ... just ask 2nd Place finisher Jay Farber -- who tells TMZ he's planning on spending his $5 MILLION prize like a BALLER!!!

The 29-year-old former Vegas nightclub VIP host was out at Hooray Henry's (with his bodyguard in tow) and told us he was bummed out about losing the $8.4 million prize at the big tourney in Vegas this weekend ... but it's not gonna stop him from rolling around like a champ.

In fact, Farber says he's planning on buying TWO sick cars right away ... plus ANOTHER expensive purchase.