while I was at it, being a "white man", I looked up the word honky too...
do you guys think this definition is accurate?
A term used by black prositutes in the 20's, when the white 'johns' would pull up in their cars and beep their horns..."your HONKY is here"
Honky was later adopted as a pejorative in 1967 by black militants within SNCC seeking a rebuttal for the term nigger. They settled on a familiar word they felt was disparaging to certain Americans of European descent; hunkie meaning an American of Slavic or Hungarian descent.
In Australasia and Singapore, a person of Hong Kong origin is categorised as a Honky, a term that some people of Hong Kong take offense at. They prefer to be called "Hongkongers (or Hongkongese)". In fact several brochures from the Hong Kong Tourism Board makes reference to this new term.
These are some other folk etymologies for the term honky:
From New York City taxidrivers, who have a reputation for honking their horns excessively.
Derived from Yankee, a term used in the southern U.S. to describe people from the northern U.S. 
Resembles the Wolof word honq meaning pink or pale.
On the TV show The Jeffersons, George Jefferson regularly referred to white people as honkies. This usage (while negatively affecting the later syndication of the show to some degree) added a familiar, less offensive tone to the word, which caused some acceptance of the term when used in the appropriate company.
On an episode of Family Guy, to get out of jury duty Peter, who is white, and is surrounded by other white people says "there is a lot of honkys around here".