Who has more power: the user of a word or someone interpreting that use?

A person can choose to interpret a word with a different meaning than what is commonly used by the rest of society. Some find empowerment in using a derogatory term in a positive way. Does this only benefit that individual?
Let’s say someone calls me a whore to be mean, and I don’t care because I don’t view that word in a negative way. Would our different interpretations of the same word cancel each other out, effectively making the word neutral or meaningless? Does this lessen the appeal of the insult for the user, or is it only making me immune to its effects?

Assuming everyone is equal, it should be possible to reinterpret words. But even if the majority of society decides to reinterpret a word, will that ever truly change its meaning? Is an insult always an insult, or does the person on the receiving end have to view it as such?