DH and I don't listen to much current music (I'm stuck in the early 90s), but I have to admit I'm not too fussed about what dd listens to with the exception of some of the more chauvinistic offerings doing the rounds. She's not allow to watch music videos (well, when I say not allowed - she doesn't know they exist yet, but once she does, I wont be letting her watch them for some time yet).
With regard to swearing and so on - DH and I both swear like troopers, despite our best efforts not to at home. Dd's favorite songs all contain swear words, yet she's never sworn in her life (or not in my presence anyway and I've had no reports of it elsewhere). I just don't think they hold any power in our household and dd is very sensitive to the nuance of responding appropriately in different situations, so I think she'd be unlikely to swear inappropriately out in the world either. I'm not suggesting that that would work for every family, but so much good music would have to be cut out of our play lists if we censored based on swearing! Like Adrienne, we'll discuss the lyrics where we think its important - or in some case we just don't discuss them at all because it's a fun song that without an explanation wont do any harm (thinking of the Grease references - the lyrics are meaningless when you're that age, without context).
Interestingly there are reports of gifted kids showing a preference for heavy metal music... here's one
http://www.telegraph.co.uk/science/...etal-a-comfort-for-the-bright-child.html