As if wife Elin hasn't already been through enough!

According to a source in Phoenix, two local ladies had a threesome will fallen golf pro Tiger Woods and, allegedly, one of them either took pix or videotaped the incident.

To make matters worse, Tiger "chased the girl around" before finally "grabbing her cell phone or camera or whatever it was that had the evidence." Days later, the chased girl claims "she'd be injured and hired a lawyer."

Therefore, Tiger's handlers arranged to pay both women "regular payments" to keep quiet. But could either be threatening to expose the naked pix/sex tape now?

If so, let's hope they don't do it on V-Day! Tiger's wife and fam have been through enough...