~He who defines the term wins the argument~ By definition, no. Sarcasm is not an acceptable thing. However, the modern meaning of sarcasm is one more of whit. Personally, I ascribe to the second meaning. Yes, rethorts can seem cutting or derogatory but that is dependent upon the participants and the setting. If you have been the "victim" of unwarranted sarcasm I can understand. However it means that the joke was at the wrong place or time.
Once again refering to the latter definition of sarcasm, I say "tally ho!" Sarcasm goes hand in hand with one concept- common sense. If you dont have the latter, please dont use the former. It's really quite simple. Well, for some of us.