From Wikepedia:
Honky (alternatively, Honkey or Honkie) can have several different meanings:
1. As a derogatory term for Caucasian American people, especially in North America. Most frequently used by African Americans, the word was popularized, at least in part, on the 1970s and 1980s sitcom The Jeffersons. "Honkey" was probably derived from Civil War era "Yankee". Possibly a combination of the Wolof word honq meaning pink or pale and hunky, an alteration of bohunk, a nineteenth-century pejorative term for an Eastern European.
2. To refer to Country and Western music and musicians, cowboys, and their surrounding culture, which are often called "honky tonk."
3. Honky is the name of the stoner rock band from Austin, Texas formed in 1996 by former crack addict Butthole Surfers bass guitarist Jeff Pinkus.[1]
4. Honky is also the title of a 1997 album by The Melvins where the word is defined in the liner notes as "a derogatory term used for white people".
5. A synonym of "Honger", which means a person who is from Hong Kong.
6. Webster's Collegiate Dictionary, Fifth Edition, copyrighted in 1942, defines hunky as: A foreign-born laborer, usually unskilled, especially a Hungarian or Yugoslav.
7. Hunky is an old word for a European menial worker. Read the talk page.
1. A 2005 memoir written by Dalton Conley, "Honky"
8. A term used primarily by English speaking SE Asians (eg Singaporeans) as a derogatory term for people from Hong Kong. In some countries, ex-pats of Hong Kong will call their peers of Hong Kong-ethnicity by this term, with no derogatory tone. See Hongkonger.
....I heard something a long time ago about it referring to Hungarians. I see that is a confirmed definition.
....Kind of ironic that it's also a derogatory word for people from Hong Kong. So I can accurately insult a Chinese person by calling them honky. :142smilie