I post it here simply for the purpose of saying: big freaking deal.

RTFA: http://www.newsoftheworld.co.uk/news/150832/14-tim…

In our exclusive photo Michael Phelps, who won a record EIGHT gold medals for swimming at the Beijing games last summer, draws from a bong.

The glass pipes are generally used to smoke cannabis.

…that said, here’s the “proof”

[UPDATE 2009-02-01]
RTFA: http://www.google.com/hostednews/ap/article/ALeqM5…

Olympic great Michael Phelps has acknowledged “regrettable” behavior and “bad judgment” after a photo in a British newspaper showed him smoking marijuana.

In a statement released to The Associated Press, the swimmer who won a record eight gold medals at the Beijing Games conceded the authenticity of the exclusive picture published Sunday by the tabloid News of the World.

Phelps said: “I engaged in behavior which was regrettable and demonstrated bad judgment. I’m 23 years old and despite the successes I’ve had in the pool, I acted in a youthful and inappropriate way, not in a manner people have come to expect from me. For this, I am sorry. I promise my fans and the public it will not happen again.”

This dude currently holds the human record for the most gold medals won in swimming at the Olympic Games. It makes you wonder about the veracity of the anti-marijuana propaganda, that’s for sure.
[/UPDATE]