It all depends on how it's used. When people get creative with it I can be fine with it, even appreciate it.
For example when somebody is playing a game and dies for the 42th time and rather then spouting ''Aw, s**t!'' shouts ''Aw, horse p***y!'', it can really make me laugh. For me it's all about when, and how, profanity is used.
It's all expression as far as I'm concerned, and the negative emotions rarely get expressed in their rawest intensity, while positive emotions usually are. You could almost say that I consider creative swearing a vocal art form.