The largest radio fine in history of 2.1 Million dollars absolutely includes this word. The FCC included it in a list of charges against Howard Stern, and when the fine was issued, the word was not even said by Howard, but by a caller. This was not the entire crux of the fine, but was definitely part of it.
Don't think that you can get away with it.
Also - Clearchannel has a zero tolerance policy - If a host panders or allows that terminology to be used. All Clearchannel affiliates are gone.
This is part of the reason why some people have mentioned it's extensive use on the BBS... A program director seeind extensive use of the word on the BBS, may may the mistaken assumption that the hosts condone or allow that type of language and not pick up the show simply out of fear of clearchannel corporate.
I know where the slowminded will go, and they will say that a PD could say that about ANY offensive language, but the REALITY is that some PD's are of course going to be much more sensitive to something like racist speech over just plain adult speech, simply because adult speech behind the scenes is fairly common in radio, whereas blatant racism isn't nearly as commonplace. It should be obvious that a joke here and there, is much different that bold 4chan style racism.