From what I've seen, conservatives tend to be worse in this sort of behavior. Some positively relish coming up with new concoctions on the name Obama. I'm pretty sure it's a major pastime for Limbaugh.
Now there's a new one: cuckservative.
It definitely sounds nasty, but the sound is just the beginning. A cuckservative is a conservative who stupidly isn't on board with ... (how should I phrase this?) ... 'white interests.'
Here's a mostly clean version of the viewpoint. Here's a very raunchy version. Beware before you click.
Extras. This reminds me of Derbyshire and dark enlightenment. More etymology, if you're not repulsed enough already. I've got a strong stomach and training with bodily fluids. That's my excuse.