Yes, but it is only to refer to homosexual people. It's not a word to insult or tease others. You use the word "stupid" of "dumb" in that case. Some will find useage of that word highly offensive.
Do you know what "faggot" means?
fag·ot also fag·got n.
1. A bundle of twigs, sticks, or branches bound together.
2. A bundle of pieces of iron or steel to be welded or hammered into bars.
It also means a cigarette.
Do you know why they define "faggot" as "A bundle of twigs, sticks, or branches bound together"? Because they used to use those sticks to burn homosexuals at the stake. Those Christian extremists...and now we use it freely as a insult or a joke. Just like the word "nig-er", it orginally was a derogative term to insult negroes, and now we call each other that without thinking how much history it has behind it (very tragic history, unfortunately).
Now, I'm not forcing you to change what you say, but I thought that it would be appropriate to let you know that behind those words that we use oh-so-freely, people suffered.