Terrell Owens Can Still Play In NFL!!!

Even at 48 years old, Terrell Owens could STILL catch touchdowns for your favorite NFL team ... so says T.J. Houshmandzadeh, who tells TMZ Sports the Hall of Famer "would be successful" if he signed somewhere in the league today.

"I would say if a team gave him 15-20 snaps [per game], give him all the third downs and the redzone," the former Bengals superstar said, "he could do it."

Owens has been asking for a second chance in the NFL for years -- and showed last month he's still got the wheels to play.

In a 40-yard race with two Fan Controlled Football league receivers, Owens dusted the competition and posted an incredible sub-4.5-second run time. And, Houshmandzadeh says that's why he thinks…