Basically 'One Of Them' - Oot
In a place, such as a school, where you cannot say 'nigger' or another group of people such as gays and spicks, you can say with your frieds that they are oots.
Keep it as an inside joke thing though, and you will be fine. If the niggers or gays or spicks or anyone else realise what you mean then it is no longer a safeword.
'You dawgs, wassup? Me and the nigguhs were playing B-Ball earlier man!'
'Cool....' *walk off* 'Damn, what an oot'
OR
'Damn oot walking towards us, evasive manouevre!