Fred (actually all of Limp Bizkit) was 90 minutes late for a festival in New York City. He tried to swing the anger of the crowd to someone else.
That someone else was poor Scott. Fred called Scott a f***ing egomaniac and he criticized Creed's music (Creed is one of the most awesome bands on the PLANET!!!). Anyway...
Scott believes that the reason for Fred's namecalling is because Creed was the headlining band at the festival, and Limp Bizkit wasn't.
Here's what I heard:
Here's an excerpt from an actual news story:
"...at a multi-band summer radio festival, the "K-Rock
Dysfunctional Family Picnic," held in Holmdel, N.J. First, Limp Bizkit kept the audience waiting almost an hour before going on, a delay that some attributed to confusion over set times but others claimed stemmed from the band's dissatisfaction at playing before sundown.
After the band finally hit the stage, king Bizkit launched into an obscenity-strewn tirade against Creed leader Scott Stapp, calling him an "egomaniac." "He's a f--king punk, and he's backstage right now acting like f--king Michael Jackson," Durst added, presumably not referring to Stapp's "moonwalking" prowess. Then he said "pillows and blankets" would be available for use during Creed's set."     

from Wall of Sound News