Bert, that word is very non U these days, and while it doesn't register as far up the Richter scale as the 'N' word, I'd be happy if I didn't see it used again, in jest or otherwise.
I know there is a school of thought that gives the origin of that word as an acronym for Wily Oriental Gentleman, but I feel it should now be consigned to the dustbin of history.
Giok