I'd like to think that for people that say it with their friends, supposing they are ghettos or whatnot, they would say it at them when they did something stupid and they would probably be alright with it. If it was a random person however, I could see them getting offended and probably pissed.
Really it depends on who you're friends with and if it's alright to say it to them, but I wouldn't call it a safe word either.