I usually skirt a somewhat dubious neighborhood... but I've found that if I'm on my commuting bike I pretty much blend in (especially if I've got so many layers on you can't see I'm white). My pepper spray for the dogs is supposed to be pretty potent, too.
I had **two** honkers today (usually it's one every six months or so). ONe pointed pointedly at the bike path I wasn't using because it ended at the next intersection where I was going straight (and this guy turned right). I did some pointing and waving (all friendly) as if to educate him, because who knows. I think he was even looking back at me (utterly confused) as I waved and went straight foward (where it's even posted "no bicycles" on the sidewalk).
The second one was more or less unprovoked so I treated it as a friendly greeting and waved back. (However, you just can sorta tell, don't ask me why, when it's a friendly honk and when it's an "I wish you dind't exist!" honk.) It *is* a kinda small town... we might meet somewhere...