Fred Durst -- I Still Have My Stinky Red Baseball Cap

Fred Durst -- the once angry guy who created "Limp Bizkit" -- is actually a sucker for sentimentality 'cause he just can't part with his famous red baseball cap ... even though it reeks like a blood fart.*

Durst got all nostalgic on us as he was leaving Craig's in West Hollywood ... when we asked whatever happened to the iconic red Yankees cap he used to wear backward on his melon.

Fred told us he's still got the hat -- even though it stinks really bad.

But that's not the reason he'll NEVER wear it again.

*Fun fact -- Blood Fart was a band name Durst considered before settling on Limp Bizkit