On Free-Speech... the right is provided to insure the government has no authority to censor. The limitations are the incitment of violence against specific groups, people, slander/libel, etc. Making fun of someone, however distasteful, is not a limitation and is therfore protected under the blanket of free speech.
On Jokes... a joke can only be such as long as the comedian is willing to perform it infront of the target. If a comedian cannot say a joke because of it's offensive nature; then it is not a joke and should never be told. Cripple joke? Say it in front of a wheelchair bound individual. Holocaust joke? Say it infront of a Jew. Castration joke? Say it infront of a unic (sp?).
On TV... stations, their affiliates, owners and various subsidiaries all get to determine what they air on the networks so long as it conforms within the governing boundries of the FCC. It the bosses of these women deem it worth airtime, then so be it; they will have to suffer or prosper according to the content of their programming.
On the crime... she should be punished according to the extent of her crime and serve appropriately. I would personally hate to see anything less than the full extent due to the sensationalized nature of this incident. Or have it fuel the ever burning fires of the gender wars.