Lance Armstrong vs. Oprah -- Time to Start Peddling ... Booze

The Lance Armstrong confession is being hailed as the sporting event of the year ... and sports bars across the country are gearing up for the rush it will bring.

In fact, TMZ has learned one sports bar in Texas is making a night out of it. We've learned Little Woodrow's in Austin is having a "Watch Oprah Ride Lance" viewing party ... complete with some PED-influenced cocktail specials.

The manager tells us they're serving the "Cyclist on Steroids" ... a twist on the traditional Surfer on Acid.

The interview is set to air Thursday night at 9 PM EST -- right around the same time the Lakers are scheduled to take on the Heat.