2:33 PM PT -- Huggins just addressed the incident ... apologizing and promising to do better.
"During the conversation, I used a completely insensitive and abhorrent phrase that there is simply no excuse for -- and I won't try to make one here," Huggins said.
Huggins apologized to the Xavier, Cincinnati and West Virginia communities ... and said he will accept any punishment that comes his way.
"I am ashamed and embarrassed and heartbroken for those I have hurt. I must do better, and I will."
College basketball coaching legend Bob Huggins stuck his foot firmly in his mouth during a radio appearance on Monday morning .