Sorry, this is nonsense. It's not hard to Google up a copy of the FCC rules. http://www.fcc.gov/guides/obscenity-indecency-and-profanity :

"The FCC has defined broadcast indecency as “language or material that, in context, depicts or describes, in terms patently offensive as measured by contemporary community standards for the broadcast medium, sexual or excretory organs or activities.”

I am fairly sure that "I’m going to rape your 8-year-old daughter with a trained monkey" would count as describing sexual activities in patently offensive terms, and would not be allowed when direct use of swear words would not be allowed. Just because you don't use a list of words doesn't mean that what you say will be automatically allowed.

Furthermore, the Wikipedia page on the seven words ( http://en.wikipedia.org/wiki/Seven_dirty_words ) points out that " The FCC has never maintained a specific list of words prohibited from the airwaves during the time period from 6 a.m. to 10 p.m., but it has alleged that its own internal guidelines are sufficient to determine what it considers obscene." It points out cases where the words were used in context and permitted.

In other words, this quote is based on a sound-bite distortion of actual FCC behavior and as inaccurate research, is automatically ineligible to be a good rationality quote.