The best and truest censor is the one you do of yourself. Remembering you are here, with others who may not enjoy the language you use, and then censoring it voluntarily, is probably the only censor needed for most players.
Occasionally, of course, somebody will use a word or phrase which contains a string of characters the computer matches up to another string of characters in a list of strings of characters not allowed. It then goes to the substitutes for that string of characters and puts in the substitute string of characters. It really has no idea about meaning. Meaning is human, mind construct and, sadly even AI isn't all that intelligent.
Finally, as I've said before, I'm always surprised that anyone would use potentially offensive language/abbreviations for a couple of reasons.
1) Nobody ever, that I know of, got mad because you didn't use those questionable words. It's not like some business person you are trying to sell something to, turns in a report to his/her company -- "don't buy from this guy, he doesn't use enough profanity"
2) Along the same lines, you never know when what you say will offend...or at least be noticed as a bit insensitive. Others are listening and why take the chance of making them even mildly uncomfortable. In fact, if you do by your use of language you'll find they don't remember a lot of what your are saying as you just distracted and they focused, at least momentarily, on the words you use.
3) Words are a hierarchy. Some words are stronger than others and carry more emotive power. Let's say, for instance, when a person is really mad they say, "You googly slosher! Now let's say "googly slosher" is considered the most powerful emotive word in you vocabulary. Finally, let's consider the person who uses it all the time, every other sentence, and various forms. They go to work one day and they open the drawer of their desk and find they are out of pencils...which are in the cabinet behind them. They then say, "those googly sloshing pencils. How the googly sloshing am in to do any work without them?" Five minutes later they are handed a pink slip. They stand up and say, "Those googly sloshing managers. How can I do any googly sloshing work when they have these googly sloshing rules and googly sloshing regulations!" Nobody pays any more attention to the words of second outburst because it contains the same level of emotive words as the first. They may pay attention to your voice, that's true, but without the force of the language you squandered on the "googly sloshing" pencils, your effect is less. In other words, if you use the same words for when you are mildly irritated as you do for when you are really, really, mad, they will not have any more impact than normal, especially if you use them all the time. Using those words in lesser situations all the time means you have not "more intense" words to use you really want to get people's attention.
4) Now here's the kicker about what I just said. To adopt this strategy you have to be discipline in your use of language. And you have to break a habit. To do that you have to decide when and under what circumstances the strongest emotive word should be used. And then limit your list of circumstances to just a few, lest your power words become overused and thus drained of their power.
In the end, then, it's a matter of being practical. Appropriate language in the right amounts for the situation. Which probably means very little use of those words and less and less as you reserve the most powerful ones for when you really need to get people's attention.
AJ