This song appears to be about the word Ginger, but the beginning is arranged in a way that most folks will come up with a different word - N, I, a couple of Gs, E, R. So I think, the song is actually about this word and the special treatment it gets, because most black people feel offended by it. He makes clear that there are many words to offend someone, each of them even aimed at the same targeted physical attribute (be it red hair or black skin), yet this one word gets the special treatment.
I think, he wants to say, that this word is only as offensive as the people offended by it allow it to be. If they chose not to be offended by it anymore, then it wouldn't matter who said it. It would lose it's meaning. But instead people do the opposite and declare it extremely offensive, grinding the sword of their enemy in the process.