The best (worst?) fag one I heard was at Galax Old Fiddler's convention in 2000. I was in the crowd watching the string band competition with my mate Vic, when he turned to me and said "I could murder a fag". A large red necked guy in front of us turned around with a big grin and said, in what sounded to us like a texas accent, "me too, buddy, me too!". I think he meant it!

Cheers
Ray