Paris Hilton just plead guilty to misdemeanor drug possession and obstructing a police officer ("um, that's my friend's bag" and "um, I thought it was gum", etc) in her cocaine arrest case.

According to TMZ, this is what happened:

"UPDATE 7:22 AM PDT: Paris looks cool, calm and collected as she waits for the judge to call her case. She's sitting next to her lawyer, David Chesnoff.

UPDATE 7:30 PDT: Court is now in session... Paris is up first.

UPDATE 7:32 PDT: Hilton has agreed to plead guilty to drug possession and obstructing a public officer - both misdemeanors.

UPDATE 7:33 PDT: She had agreed to pay a $2,000 fine and complete 200 hours of community service. If Hilton is arrested for anything other than a minor traffic violation, it would be considered a violation of her probation. Paris has also been ordered to complete an outpatient substance abuse program.

UPDATE 7:34 PDT: Paris told the judge she has READ the plea agreement and understands it.

UPDATE 7:36 PDT: The judge has warned Paris that she has been given a one year suspended sentence - which means if she screws up, she will spend 1 year behind bars.

UPDATE 7:37 PDT: The judge specified that Paris had her coke in a Chanel handbag.

UPDATE: The judge is reiterating that any new arrests will "terminate" her deal.

The judge just warned Hilton, "The Clark County Detention Center is not the Waldorf Astoria."

UPDATE 7:43 PDT: Hilton just left the courtroom.

In other words, she got away with it again.