A lot of people have said many good things in this thread already, but I wanted to comment and say that I don't think we should set laws against racism, unless it physically harms someone. If we (the world) can't figure out that everyone is equal and should be treated that way without using laws, then by creating laws we will only disguise the racism and people will hide behind it, while being racist anyway. That's not a solution.

Freedom of speech is a great thing and a bad thing because it does not punish people for being ignorant (which is inevitable, not all brains are created equal), and it allows for open discussion. This way those who are ignorant can speak out if they want, and hopefully be corrected before it leads to something physically violent.

edit: Guess I should answer the OP's question. I think people should be able to live however they want to, as long as what they do doesn't harm anyone else. If it gets to that point, then people should be allowed to step in and say something. I know many people live in many different ways, and there is no "wrong" way to live, other than telling someone else how they should live (unless ofc, it harms other people to do what you do).