I wouldn't use it around someone who doesn't know me in case they got the wrong impression, but I tend to assume that anyone who's spent even a little bit of time with me will know how much of a liberal wiener I am and how much I enjoy any type of off-colour humour. I just happen to know the most Jewish and Irish jokes because my family's Irish and half my friends are ethnic Jews. I'm personally a huge dead baby joke aficionado, though. The only time I've ever reigned those in was around my aunt who was pregnant after a decade of trying to conceive.

Of course, I think that humour is 100% about intent. I firmly believe that if it's purely meant as a joke, you can say pretty much anything at any time (just not in all company), and I encourage everyone to do so. But if some racist fuckmonkey came up and used any of my favourite jokes in front of me, it would probably end in physical violence.