What does everyone else think about the term "ghey"?

[benevolent dictator]

I have friends who use the term "ghey" to mean dumb or stupid or whatever, the same things they use the term "gay" for, but they claim that the different spelling takes out the "homosexual" meaning but just leaves the "lame" meaning. They're pronounced pretty much the same as far as I can tell, so the only difference is online (or if you say, "That's really ghey, G-H-E-Y.") I've also seen "fhegit."

For some reason these terms are supposed to be less offensive than using "gay" or "faggot" to mean bad/stupid/dumb/lame. IMO, they aren't less offensive, but then again I don't consider "$h!t" to be any less offensive than "shit" or "f*ck" to be any less offensive than "fuck" because I know what they are supposed to be. (My dad always taught me to swear and mean it or not swear at all.)

So what does everyone else think? Is calling something "ghey" less offensive than calling something "gay"?