No, you don't want to work at a place like that. Cheer up - this could've been your livelyhood. I can totally understand how it hurt your feelings though. No one likes to be told you're not good enough - even if you know it's completely untrue.
I'm sorry this happened to you - it totally sucks. But it's their loss. Hold your head up and be the better person!
Incidentally, I would be careful with the language in the future. While I do NOT think a single offense is cause for temination in any way, shape or form, it could be a problem in a professional setting if you're looking for a real job. Just something to keep in mind. I think these people have superiority complexes though so it wouldn't have mattered in this situation.....
Again, I'm sorry - but everything will work out for the better - you'll see!!!