If your someone who is humble, then it won't matter. If your someone who can throw racial slurs around with people, but at the same time you can take insults thrown your way and laugh it of, then it doesn't matter.
however, if your someone who likes insulting people because of ethnicity, gender or orientation, but then someone finds something different in you and insults you, and you hate it and take insult to it, then.. well, your a dick.
If a straight friend of mine makes jokes about me being gay, I just come back with insults about things there into, and both get laughed off. Thats where its acceptable to a degree.