People toss the word "racist" around rather freely. What does it take for you to use this word?

In this question, I am not asking for a dictionary definition. We all know that one. I am asking what it takes for you to use that word,

I see “he/ she is racist,” “all whites/ blacks/ minorities are racist” (I have seen all three), “everyone who voted for Obama did it because of his race,” “everyone who disagrees with Obama is racist” (yeesh I am sick of those two), etc., etc., etc.

I am of a dinky minority populace and know very well from personal and secondhand experience that it is rather prevalent, but the frequency with which this word is tossed around makes me shake my head in befuddlement. It seems more and more to be used as an insult or to derail an argument. When used to derail an argument I consider it to be a sign that the person using it lost.

Here is what it takes to make me use that word:

1) The person being discussed has to believe that other people are less than them because of their ethnicity (“race”) rather than some other issue, such as their behavior.

For instance, thinking that I am stupid/ an asshole/ etc. just because I am a “fucking/thieving/etc Gypsy” is racist. Thinking these things of me because you have come to these conclusions based on my behavior and attitudes is not racist. The first would be a judgment based on a stereotype which does not judge me based on my own attributes, both positive and negative. The second is a judgment based on me and me only. I see many times where people say that another person disagrees with them because of their ethnicity and cannot find any indication of this.

2) “Pride” does not equate to “racism” to me, thus does not meet my criteria for “racism.” Supremacy does and this is the main barometer for me to decide someone is racist. Pride does not equal supremacy because it is possible to be proud of [whatever] about yourself without thinking others are less for being different.

Oh, by the way, this question is a half rant. I asked it on the website I came from and, while lurking on various websites, see this come up again and again so I am asking/ranting about it here.