56-year-old Elizabeth Highley of Jensen Beach, Florida and 25-year-old Crue Finley were together a few weeks ago at Elizabeth's house, getting drunk on wine.

Apparently Elizabeth thought it was a date, but Crue thought they were just friends . . . which became an issue when she tried to talk him into having SEX.

He wasn't into it . . . not only is she more than twice his age, but in her mugshot she looks a little like GARY BUSEY.

She got so angry that she grabbed her CANE and a hunting KNIFE, and started chasing Crue around the house. When he got out, she chased him down the street.

Luckily he saw a cop in a convenience store parking lot and flagged him down . . . just as Elizabeth was running up with the knife. She was arrested and charged with felony aggravated assault.

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