TMZ Live

That was fast ... Jeff Beacher's lawsuit against "Pit Boss" Shorty Rossi is SETTLED ... thanks to TMZ.

As we reported, Beacher just sued Rossi -- who used to work at Beacher's Madhouse -- claiming Rossi essentially stole valuable Beacher-themed website domain names after the two parted ways ... domain names like jeffbeacher.com and beachersmadhouse.net.

Rossi called in to "TMZ Live" today and said even if he won the lawsuit, he had no interest in squeezing Beacher for money in return for the domain names.

So we asked Rossi ... if Beacher apologized to him, would he drop the suit and fork over the domain names? Rossi said he would.

So then we called Beacher, and he played ball, saying, "Since we are both little people impresarios, it does us both no good to fight over anything, and only hurts the community of little people that we live in. Shorty, I apologize for suing you. Let's just work this out and move forward as friends again."

Shorty tells us he accepts Beacher's apology and will transfer the domains ASAP. He added, "After reading the apology, I had to pick myself off the floor. Apparently hippos do fly."

Now give us something hard ... maybe North Korea?

Rapper The Game is raising money to pay for the funeral of a 7-year-old boy killed during a shooting in L.A. this week -- a crime that's suspected to be gang-related -- and the irony ... Game tells TMZ, he's getting financial help from the city's top gang leaders.

Game called in to "TMZ Live" moments ago, explaining he heard about Talib Pecantte's death this morning on the news and decided he wanted to do something for the victim's family ... especially since it happened so close to Christmas.

Game tells us he's already raised $7,000 to help cover the boy's funeral expenses -- but the crazy part, Game says a huge chunk of that money is coming from top-ranking L.A. gang members ... rival gangs too ... Crips, Bloods, and Latin gangs alike.

Game says he doesn't have a goal in mind ... he's just gonna keep raising money until he can't raise any more. He also says he's speaking to rival gang leaders about instituting a cease-fire ... at least during the holidays.