Original poster, I can guarantee that, in whatever the song happened to be, the word "*****" was not used to mean "Dog of a female persuasion". It was being used as a derogatory way to refer to a woman. I mean, we all already knew that, but seriously it had to be said. The word "*****" may not be as bad as stuff like "****", "******", "******", or what have you, but its employment is still causing someone to be demeaned. Terry Pratchett once wrote that sin is when you treat people as things. In a small way, that is what is being done when you use the word "*****" to describe a woman or, really, any person. It's not that nice of a word.
The graphic violence probably wasn't that nice either. Still I don't think the problem here should be that they censored a word and not extreme violence, thus rendering them (whoever did the censoring) hypocrites. The game is a violent game, they can't advertise it accurately without showing violence. It should have been advertised in a place where censorship would not be an issue because the intended audience would have been mature enough to handle any exposure to violence or swears. I guess this didn't happen, as the word "*****" in the commercial was, apparently, censored. They could have censored the entire commercial, but a giant black bar on the screen for 20 or so seconds probably would increase game sales. Whatever.
I'm tired, this rant is over, I didn't really make a point, so here it is: Blame the the people who did the commercial for greed, or idiocy, or hypocrisy, any one will do. At the same time, know this; "*****" is a bad thing to call a person.