1) You have the right to say things that I consider offensive or even outrageous.
Well, as long as what you say isn't frighteningly offensive ie. "I'm going to kill your wife and rape your children you lousy jew" I see no problem with a "racist joke." As long as you don't physically discriminate against the person such as attacking them or refusing to hire them based upon race, I see no issue with saying what you want.
2) I have the right to be offended or outraged.
You also have the right to think you are the Queen of England. If you are actually going to cry yourself to sleep because someone called you "a stupid jew" then you seriously have issues.
3) In many situations, it may be a good idea to refrain from using terms that others find offensive even when you don't understand the offense. This is a good way to get along with others.
What's the point of getting along with others if it is based upon completely false set of pretenses? If someoen enjoys saying screw black people all day long, then, they probably won't have many black friends. Or many friends of other races for that matter.
4) There are some times when offending people is a fine idea. There are some people I simply don't care about getting along with. There are some issues that I find more important than getting along
Exactly. Toleration and getting along are different things. Toleration would be not discrimination in a physical way, like I mentioned before. Getting along is pretending to be "racially harmonious." And a fake society, in my eyes, is worse than an honest society that makes racist jokes.
Basically, "political correctness" is just a way to control language, and thus thoughts, since we all think in the same way we speak. Besides, if someone is seriously offended by some harmless words, then they have some serious problems.