From UnDark:
UD — On Twitter earlier this month, you wrote that “all words have [more than] one meaning” and also that “mature adults resist taking pointless offense.” We wonder about the word “all” here. How do you square that, for example, with unambiguous, sexually or racially derogative words?
SP — Actually, it’s not easy to find words that are unambiguously derogatory; it always depends on the context. The most offensive word in contemporary English is “nigger”(from negro, Spanish for “black”), but it was far less incendiary in the antebellum South. … And today the term is famously used in a teasing or affectionate manner among African Americans, as if to say “We’re so intimate that we can call each other offensive names without taking offense.” “Queer,” “dyke,” and “bitch” have also been appropriated by their original targets, and there is a magazine for hip young Jews called Heeb.
Of course the speaker and tone are everything. In the movie “Rush Hour,” Jackie Chan plays a Hong Kong detective who innocently follows the lead of his African-American partner and greets the black patrons of a Los Angeles bar with “Wassup, my nigger!” A small riot breaks out.
More here.