That's so gay...

Just last night I had seen a similar video on television and it got me thinking about some things. Now more often than not when we say something using the word gay its context varies from using as a term for homosexuality or as in a replacement for saying dumb, retarded or stupid, etc. Now I think the use of the word depends on context and in what you are referencing too. Now i know what you might be thinking that 9 times out of 10 someone is referencing that to a homosexual person. Okay. But what irks me about this is that it almost seems that, after years of saying not to say gay because it offends homosexuals that it seems they've come to accept this as a term for homosexuality. Now i know it is an offensive term often used to describe homosexuals but then again they use it themselves as they call events as "gay pride". Is it because of its context? Well if someone was to use it in a different manner attempting to use it as a substitute for a word does that make it right? I would like to hear your thoughts on this issue please. Also if you have any questions on what I said above or need clarification. Thank you.