It doesn't mean that it's ok and acceptable though does it.
Diving is happens in every game but that's not acceptable.
Fffing and Blinding, yeah obviously that is acceptable. But I don't think its ok to be ultra-personal and say things with the sole aim of making the player react.
People say this happens at Sunday league level, would a player at Sunday league level know that the oppositions star player's mother was ill, and that he was calling her everyday, and then would he call him the "son of a terrorist whore".
As I said before this could all turn out to be crap, but there is no harm in investigating and trying to find out what was said. Materazzi might admit to it.