Sylvester Stallone is Alive!!! And Eating with Frankie Avalon

Sylvester Stallone is one hungry corpse, because hours after a hoax website pronounced him dead, he was eating Italian.

Sly and wife Jennifer Flavin were leaving Madeo in WeHo -- with '60s teen idol Frankie Avalon no less -- when our photog asked about his supposed demise.

Sly -- always the businessman -- figured out a move that would keep him on the screen postmortem.