If you try to desensitize, for instance, the N-word, you will perhaps erode the power you (or those often around you) think the word has, but outside of those circles, the word will still carry a great deal of offensive value. Comedians like Jerry Seinfeld and Chris Rock are in a position to make thousands, perhaps millions of people desensitized to the offensive words. That does not mean though, that it not offensive to tens of millions of other people.
Also, I find it interesting that Jerry Seinfeld and Chris Rock would find young people too politically correct. Seinfield was called out as being racist for his portrayal of a nearly all white New York (his friendship with Michael Richards and his videoed racist rant didn't help), and Chris Rock has a slew of racist humor.
Yes, people can be too sensitive. Thug? Get out of my face. A thug is a violent criminal. Used to describe the violent protesters in Baltimore, it is appropriate - even if you agree that there must be a stand against police brutality. C*nt? I guess that's a little like being called a dick-hole. You're probably not going to find it very nice, but there must be 1 other factor you should look at: the power of someone using the word.
I am a white male. Although I don't wield much power myself, I appear to descend from those who forced slaves to work for them, forced natives off their land so we could have it, went to war with Greeks (who's man on man lifestyle was acceptable at the time), and held crusades, and inquisitions. Many men have beaten women, far fewer women have beaten men. I remember no time when women prevented men from voting. Sex discrimination in voting is less than 100 years old in the US. Gay marriage is still banned in many parts of the civilized world. Sexist slurs, racist slurs, and homophobic slurs aren't just the word, they're the person wielding it. Friends tossing insults at each other i no big deal, because among friends, no-one holds the power.