Umm, when would it be acceptable?
Hey man, that faggot is so cool!
I know I will never truly understand the strong connotation behind the word "faggot," but I really think it would be best if society made the word as meaningless as possible. The reason being that due to unfortunate circumstance, the word has really come to mean more than just "homesexual." I grew up in a community where the kids I knew always used "gay" and "faggot" without any animosity towards homosexuals. I have to admit that I said these words as well. Of course, I've stopped since then but sometimes in the heat of the moment I blurt them out like Kobe did. Again, with no intended hatred towards the LGBT community.
I realize that we as a society should really stop using those words to mean "lame" or "stupid" or whatever, but it's hard to ditch the vernacular you grew up with. I have no idea what it's like to be dehumanized by the word "faggot" or even "nigger" but I just think we'd be better off not letting the words bother us and worry about the people saying them with hate.