Looks like someone's ready to go down ...

The premiere episode of Master P's new Playboy Radio show "Doin Tha Most" went off with a bang -- because P nearly banged his co-host Sassee Cassee, the world's smallest stripper.

We got video of the taping and let's just say the sexual chemistry is palpable, and a little uncomfortable -- especially when P's co-host, J Tweezy, starts talking size ... and not Sassee's.

But hey, Master P is single and as Cassee says ... once you go small, you never go tall.