Pete Wentz has blasted homophobia by calling himself a “fag” on the August 2008 cover of Out Magazine. (Sorry if that term offends anyone….)

“Homophobia is the last acceptable hatred,” Pete told Out.

“Whenever you say that homophobia is stupid, you just get called gay,” the newlywed, who is expecting his first child with wife Ashlee Simpson this October says. “There is a sense of self-empowerment or recapturing who you are by people calling you ‘fag,’ and being like, ‘Yeah, I am a fag.’ Even though you’re not. What does somebody respond?”

The FNMTV host also admitted to the GLBT mag that he is consistently accused of being gay:

“When I’m going down the street I get called a fag all the time,” he says. “We have iPhones, and I’m still getting called the same names as when I was 13. I’ve always felt this relentless heterosexual drive.”

“When I said that I make out with dudes, there was a slight sense of sexual rebellion in that,” he told the mag. “And I probably even made it a bigger deal than it was.”