LOS ANGELES - Floyd Mayweather Jr. apologized for his 10-minute profanity-laced and racist tirade against Manny Pacquiao and said he was "just having fun."

In a live Ustream around Friday midnight, Mayweather could be seen with several of his friends at an undisclosed location showing off his diamond-encrusted watch and bracelet, flashing fans of hundred dollar bills and interacting with fans.

"I do want to apologize for the other night," said Mayweather, who brushed his friends aside and stared in front of the webcam for a "heart to heart with my fans."

"A lot of people were saying I made racist comments but anybody that knows me knows that I don't have a racist bone in my body… I have nothing but love in my heart… Anybody affected by what I said I apologize as a man. [I was] just having fun I didn't mean it."

Mayweather's apology comes several hours after a video posted on Ustream, a live video streaming website, showed him mouth an expletive-filled and racist tirade against world No. 1 pound-4-pound boxer-turned-politician of the Philippines Pacquiao.

During the 10-minute diatribe, Mayweather asserted Pacquiao uses performance-enhancing drugs, called him a "yellow chump" and said after he defeats him, "I'll make that mother f----- make me a sushi roll and cook me some rice."

"That motherf----- Pacquiao he can't speak no English, he ain't never seen a contract he didn't like," said Mayweather, who can be seen talking on the phone and insulting Pacquiao and at times, staring directly into the camera.

Pacquiao, who's on the last leg of a 3-city promotional tour with Margarito, dismissed Mayweather's latest flame.

"I just heard about that, but I didn't see the video," Pacquiao told the Associated Press on Friday at the Dallas Cowboys stadium, where his fight with Margarito will take place. "But it's an uneducated message."

Mayweather said he's going on vacation for about a year and as soon as he gets back, "we're going to cook that little yellow chump."

"We ain't worried about that. So they ain't gotta worry about me fighting the midget. Once I kick the midget ass, I don't want you all to jump on my d---. So you all better get on the bandwagon now."

It is unclear when the Mayweather video was made, but the timing was hardly coincidental especially with Pacquiao announcing his bout with Margarito.

The video has already riled fans (who have filled message boards) who have been clamoring for a Pacquiao-Mayweather bout that has broken down twice already.

In Mayweather's latest video post, he said Pacquiao is a good fighter but he's not the best.

"He thinks he's one of the best but I am the best," said Mayweather. "For all you Pacquiao fans, stand behind him believe that he's going to win. All 41 of my other opponents have believed they would win but it didn't happen. I believe in my skills [and] I believe in my talents."

He also expressed his condolences to his former promoter, Top Rank's Bob Arum, whose son was found dead after a climbing trip in North Cascade National Park in Washington State.

"God bless to Bob Arum and his whole family," said Mayweather. "All love to Arum and his family."