WWW- SHE’S no angel! Cameron Diaz gets downright kinky in a steamy S&M video that shows Hollywood’s highest-paid actress posing topless and “walking” a leather-masked man like a dog.

But the video’s most memorable moment – made when Diaz was a 19-year-old model – shows the “Charlie’s Angels” star spraying her bare breasts with a can of compressed air and giggling, “Whoa! Look at them! Look at how big they got!”

The frisky footage, which hit the Internet yesterday, was shot in 1992 by photographer John Rutter. He has been locked in a legal battle with Diaz after she accused him of trying to extort $3.3 million from her to keep the eye-popping images under wraps.

The video captures Rutter taking still photographs of Diaz, a model named Natasha, and a man in bondage gear during a “spec shoot” of photos meant to build Diaz’s portfolio, but never published.

PAGE SIX plunked down $39.95 to download the video, which opens with a pouty Diaz and Natasha, clad in leather and fishnet stockings, whipping a chained-up male model in a loincloth. Later, the lithe lovelies “walk” the same fellow while he wears a black leather bondage mask.

It also shows Diaz vamping topless while the photographer yells, “Cat-like! Cat-like!” and, “I want you hot and sexy!” During the topless shoot, a giddy Diaz takes a break to perk up her chest with the icy air spray.

An online press release claimed that Rutter had sold the footage to a Caribbean-based company called Scandal-Inc.com.

Last year, Rutter offered to sell Diaz the topless photos for $3.3 million. If she wasn’t interested, he said he planned to sell it to a European ad agency for $5 million. Diaz accused Rutter of blackmail, and he was arrested and charged with extortion.

Rutter is free on $250,000 bail, and has filed a $10 million countersuit against Diaz for fraud and breach of contract. Last March, a judge denied Diaz’s request to dismiss Rutter’s fraud countersuit.

Diaz’s spokesman said an injunction issued by an L.A. court last year “prohibits anyone from selling, licensing, syndicating, distributing, publishing, broadcasting, disseminating, displaying or commercially exploiting the photos and video shot by John Rutter in 1992. There are already criminal proceedings pending against Rutter. A cease and desist letter has been sent to the Web site.”