I yell 'that's so hetrosexual' all the time, most people laugh.
So no, laugh at everything, or laugh at nothing, If a person is using it aggressively, I usually take issue with their intent, not the words they're using. In text it's more difficult to pin point so should be used very very sparingly and in company you know face to face usually.
Words are a tool to convey emotion remember, so try to pin point that emotion first before you go all 'GRRR censorship'.
Words are words are words. They're powerful, but only if you let them have that kind of power.
I'd be glad to share my negative experiences with insecure homophobic cretins to validate my point and 'street cred' but I don't think it serves much purpose, this is my own take on how I see the world, you don't have to agree with it, but I would hope it does invoke a little thought about how reacting to words negatively can increase the power they wield over you.