Being perfectly honest, I think it depends on your work situation. (I'm sure I'm about to piss off a lot of TE members here...)

If you work in a group, department or office where it is very much a 'guys club' where everyone is kind of like him, then honestly, unless it becomes highly disruptive/abusive, I wouldn't report it. My reasoning is this - it's not going to get you anywhere and it'll likely make it worse. My first engineering job out of school was with a DoD contractor. I worked with 20 other guys, most of whom were over 50 and retired Navy. They called me 'sweetheart', 'honey' and they didn't bother to reign in their commentary about inappropriate stuff when I was around. They didn't outwardly disrepsect my abilities or my responsibilities - it just clearly would have been viewed as an uncomfortable situation for most women.

I also knew that there was NO WAY that reporting it was going to get me anywhere. My company would have been obligated to do something about it, and that something would likely have just escalated the problem. I handled it by tossing it right back at them. I 'became' one of the boys, so to speak. When they realized that they were no longer getting a rise out of me, it all stopped. They started calling me by my name and while the inappropriate stories didn't completely stop, they did try to tone it down in my presence. Of course, my situation was a little different because I don't think that at any time, any of these guys would have felt threatened by me. They may not have liked my presense, but none of them would ever dream that I might one day have their jobs. That kind of made it a little easier for me.

Now, if your work group is a mixed bag of people (men, women, young, old), and he's really the only offender, then yeah, I would say something. As others have said, it's possible that he's making other people uncomfortable too. And if you have a good relationship with your boss, I agree with whomever suggested that maybe you should ask her for advice prior to actually reporting him. She may have helpful advice or insight for you.

Good luck with it - it sounds like a tough situation all around!