Chris Brown -- Did He Really Say 'F**k Drake'? [VIDEO]

TMZ has obtained video of Chris Brown saying something that sounds a lot like "F**K DRAKE" at an L.A. nightclub this week ... but the question ... did he actually say it?

It was widely reported Chris snatched the mic from the DJ at Emerson Theatre early Thursday morning for playing a Drake song -- screaming "F**k Drake" -- but our video suggests it might've gone down differently.

In the clip, the insult appears to follow an emotional speech by Chris about his close friends ... "My n****s ridin' for me." Then he says what sounds like "F**K DRAKE!" before the music starts up again.

But the audio is choppy ... so it's possible Chris just hates the Clippers and actually said "f**k Blake!" ... or maybe he hates baked goods ("f**k cake!") ... or delicious meat ("f**k steak!") ... or ... you get the point.