It's not that hard a concept to grasp. You are changing the meaning of the word by robbing it of it's power to offend. If you change "nigger", or "faggot", or "gook", or what have you, into a casual greeting or display of affection, then if ceases to be offensive. People aren't calling you names, they are greeting you.
Except that as long as a white dude who says, "what's up my niggahz!" is seen as an insensitive, racist asshole, you're actually NOT doing the above. If you want to dilute the word to where it has no power, I think that's great, and wish all involved the best of success. If you want to ensure you can still use that word as a weapon against someone of the wrong color who says it, then I begin to wonder about your motives, and who the real racist is.