I bet those of you defending the use of either word don't use it around black people or gay people who are your bosses or have equal status with you in some other way.
The use of the word "nigger" was long used to characterize someone as lazy, rather stupid and immoral. It's just idiocy to argue that the word doesn't have a racist history and connotation. Minorities approrpiate these epithets in order to parody them and sometimes to undercut their power.
On the other hand, a lot of dorky white boys now have attempted to appropriate thug culture -- the wigger is the extreme -- to make themselves appear like badasses. Their use of "nigga" just comes across to me as teenagers trying to look cool by talking with a potty mouth. The vast majority of rap music is bought by middle-class white boys. I'm sure the artists laugh all the way to the bank, planning ever nastier lyrics to make the hand-dancing white boys feel like bad homies.
The use of the word faggot -- as someone unintentionally demonstrated here -- has come to indicate a dork, but its history and connotation are no less bigoted. Gay people have taken the word "queer" and used it to apply to themselves in order to parody and undercut it. It also is meant to describe the larger movement of people oppressed because of the way they have sex, blend genders, etc. The word's use is now acceptable in mainstream media, too, but not as a pejorative.
I read the constant use of the word faggot here as indicating the same kind of juvenile fascination as others have with thug culture. It may be less consciouis, but only a real dumb faggot can forget the context here: a lot of men highly concerned with the way their bodies look to themselves and one another. Ya don't see many women around here, do you?