Let me be honest.
Growing up, We used to call each other gay as a form of put down. What I mean by that is, someone would do something random that had nothing to do with the topic and we'd say, "you gay dawg" or along those lines. Basically gay was the equivalent of calling someone stupid. As I've gotten older, I don't say it as much.
Now the bigger problem is the way people talk. I'm white, but because I've grown up in the ghetto for all my life, I talk like I'm "Black" or so people tell me. So when I'm online in XBL (this happens alot when I'm playing MW2) if I rape someone in a game, they start trying to bash me by calling me a "N1gger". Now even though I'm white, I don't like the word and majority of the time I'm playing with black friends so they speak up to the person. But occasionally when people call me it, I just leave. Maybe I'm giving in, but just as much as black people don't want to be remembered as slaves, white people don't want to be remembered as slave owners.
Basically what I'm saying is there is more Racial hate on XBL then there is Anti-Gay sentiments. The focus should be turned more toward the racists then the anti-gay.