While Ryan Lochte's E! reality show, "What Would Ryan Lochte Do?" didn't take home the gold (landing less than a million viewers on his big, hyped-up TV debut)  ... he's still got a hilarious spot on Funny or Die!

The Olympic swimmer is back in a brand new video for his recurring "LochTv" sketch, where the 28-year-old's selling a fitting new fragrance, "Pool Water."

Check out the hilarious clip above.

While we're not sure if we're laughing with him, or at him ... the good news is, he definitely made us laugh (more than you can say for his show)!

And how great is that wink? If Lochte fails as a reality star, maybe QVC is his calling! What do you think of Ryan's new reality show? Sound off below!

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