The gay guy on Kids in the Hall (Scott Thompson), THE GREATEST SKETCH COMEDY SHOW EVER, threw those words around like shit. On the other hand I have a gay uncle who doesn't particularly care for those words, which sucks, because when he's around I have to REALLY watch my langauge. I guess it depends from person to person, just like how some black people aren't offended by the word "nigger", and some are. The word "nigger" kind of bothers me, but I don't complain about it unless somebody is directing it toward me and/or using it in a blatant negatively racial context. I live in a highly Portuguese community, there are a couple of negative racial slurs that they like to throw around, "Portagee" and "Greenhorn". The latter word just generally refers to immigrants or new people, but in Southeast Massachusetts it's become a racial slur toward the Portuguese.

Depends from person to person.