After turning himself over to police early yesterday morning, Raymond Felton spent the day waiting to be arraigned on gun charges. Felton's estranged wife told cops that he had waved a gun at her during arguments; a law enforcement source said of the FNH Five-Seven 28mm, "It’s a bad-ass gun."

The gun was loaded with armor-piercing bullets. The Daily News reports, "The veteran point guard was handcuffed and charged with two counts of weapons possession — a third-degree felony for the illegal gun clip and a lesser felony for having an unregistered gun. There is no mandatory minimum sentence for the top charge, but Felton faces a maximum of 2 1/3 to 7 years behind bars if convicted." He was released on $25,000 bond.

Apparently Felton's wife, Ariane Raymondo-Felton, went to the 20th Precinct on Monday night—while the Knicks were losing to the Dallas Mavericks at Madison Square Garden. According to the NY Times, her divorce lawyer "had already provided the police with an unlicensed gun that Raymondo-Felton said belonged to her husband. She told them it was being kept in their Upper West Side apartment... The gun, the police said, was a Belgian-made FN Herstal and contained 18 rounds of live ammunition. Raymondo-Felton told the police in her initial statement that Felton had threatened her with it, the official said. It was not immediately clear when or where she said the threats took place."

But the Post's sources explain when the threats happened:

Felton’s wife, brunette beauty Ariane Raymondo-Felton, 24, told cops that Valentine’s Day was the second time in a month that he pulled the weapon on her. There also had been two other incidents since mid-August, she said, fueled by their fights over his alleged cheating.

“When we’d have arguments over our marriage, he’d would pull out the gun and wave it. It was obviously done to intimidate me,’’ Raymondo-Felton, who filed for divorce last week, told cops, according to sources.

One source explained, “She said, ‘He’s out doing his thing.’ Looks like he was banging some girl on the side. They were arguing about bulls-t domestic stuff.’’

The rapper Fabolous apparently mentioned Felton's cheating in a song, "4 Celtics, Knicks guard, you know Felton. This n—- in Atlanta AirTran her, no Delta. Been naughty all year trying to end it nicely, Summer hoes turning into winter wifeys."

Felton reportedly bought the gun in South Carolina and brought it to New York. While the couple is divorcing, the pair are still living together in the same West 63rd Street apartment. The Post's sources say that Raymondo-Felton decided she didn't want the gun anymore during the Monday night game, and told her lawyer that she wanted to hide it: "... he advised her not to keep it, sources said. Her lawyer then called Felton’s attorney and told him they’d send him the weapon, sources said. But Felton’s lawyer balked."

Felton's lawyer said, "I don’t think anybody is allowed to possess an unregistered, unlicensed firearm in the city of New York, so certainly anyone who offers one to me will be told politely but firmly no thank you."

The judge issued an order of protection for Raymondo-Felton, telling the basketball player, "You can have no contact whatsoever [her] ... If you violate the order, you’re going to be arrested on a new charge and bail will be set in a much higher amount." His lawyer said Felton had "no interest in having contact" with her.

Felton has a $10-million, three-year contract with the Knicks. He's expected to suit up for tonight's game against the Miami Heat. The Times notes: "The collective bargaining agreement allows for the termination of a contract only 'if the egregious nature of the act or conduct is so lacking in justification' that it warrants that type of penalty. The language allows some latitude, but it is a high threshold. Contracts are nearly impossible to void, unless the player winds up in prison and cannot fulfill his contractual obligations."

Former Giants player Plaxico Burress, who served 20 months in prison for unlicensed gun possession (and accidentally shooting himself in the leg at a club), weighed in with ESPN, calling it an "unfortunate situation" and predicted that New York City would come together for Felton.

The Post's Mike Vaccaro piles on beautifully: "Say this for the Knicks: They don’t waste time dabbling in failure. When they’re in, they’re in. When they head into the tank, they don’t circle around deliberately, like a quarter in one of those ramp-banks. They sink like stones. Weighted by anvils. Propelled by supersonic engines. Right to the bottom." And the Daily News' Frank Isola points out: "...[T]he Knicks will never change. Dolan will never change. The people around him will never change and thus the culture will never, ever change. And one more thing that will stay the same: the Knicks will continue to be a laughingstock."