Suge Knight -- Now I Can Make Bail!!!

11:30 AM PT -- Law enforcement sources tell TMZ ... Suge was rushed to the hospital following the hearing for an unspecified emergency. It's the second time in less than a month he was hospitalized after a hearing.

Suge Knight just got a big break ... the judge in his murder case drastically reduced his bail, and it looks like bail is now doable.

The judge second-guessed his decision to set bail at $25 million, and lowered it this morning to $10 mil.

Suge's lawyer, Matthew Fletcher, tells us, he now thinks Suge can make bail ... as early as today.

And good news for Suge on another front. The judge dropped 1 of the hit-and-run counts in the fatal Tam's parking lot collision.

The bad news for Suge ... the judge didn't drop the murder or attempted murder counts.