I played Magic for about three years seriously, and I dropped a lot of money on it I wish I could get back now. Except, well, through trading, I actually made a lot of money. Hell, I sold a unlimited Lotus at a tourney once for two hundred bucks.
Anyway, I don't have much to add except that I've seen my share of complete ass clowns, but I've also seen my share of actually cool guys (and a few girls) at tournaments. I'm discounting the 13 year olds who played, because they're not people.
I played to win, and I had fun doing it. Despite what most of you apparently believe, it is possible to play to win and not be a fuckstick. Even if you do have a fairly expensive deck. Which I did. Did I lose to a cheap deck once in a while? Sure. Did that make me nerd rage and throw a hissy fit? Nope. If my ensnaring bridge control/burn deck loses because some guy is running Frozen Shade (what) then so be it.
Nerds are people. People run the gambit between awesome and complete wastes of life. Saying that all nerds who play magic are fucking gay is flawed. Saying the majority who play are fucking gay may be correct. I don't have hard fucking statistics to back up what I'm saying here. But I would hesitate to believe it.