Shane Douglas of ECW used to yell "WOO!" to mock Ric Flair. Everyone who copies Douglas now does it as appreciation for Flair.
In his WWF debut, Chris Jericho insulted Raw and The Rock. The Rock soundly verbally tears him apart, where normally new guys are built up to be strong. However, not only was Jericho a goof and this worked for his character, fans were overjoyed that he was in the WWF and were just happy that such a talented and abused performer would get the push he deserved. Later Jericho would try insulting The Undertaker, which resulted in something of a Worked Shoot over being disrespected, and Jericho either kayfabe or for real later discussing how much he stepped over the line not respecting the Deadman.
WCW was partially undone by what may be the ultimate insult backfire. It was their habit during the Monday Night Wars on Nitro, to reveal the results of WWF matches on air, to prevent people from changing the channel to watch WWF Raw. In 1999, they revealed that Mick Foley would win the championship, with Tony Schiavone sarcastically claiming "That's gonna put butts in the seats". It did; many viewers switched channels to see it. This compounded the damage done by the Fingerpoke of Doom, which occured the same night. WCW never recovered.
Not to mention the signs in arenas for years which said, "Mick Foley put my ass in this seat".
At The Rock's birthday celebration on 5/2/11, Vickie Guerrero attempted to ruin Rock's party by bringing in...Mae Young. This backfired spectacularly, as The Rock was positively delighted to see Mae. And even kissed her.
On WWE Tough Enough, contestant AJ was nicknamed "tumbleweed" by the trainers. He embraced the nickname and his fans now call themselves "Team Tumbleweed".
A dozen years later and it seems Chris Jericho still hasn't learned his lesson. In his feud with CM Punk for the WWE Championship, Chris went and did the stupid thing by trying to leverage Punk's Dark and Troubled Past (his father was an alcoholic growing up), insulting his sister by calling her a drug addict, and then insinuating that Punk was born out of wedlock, all but stating that his mother is a whore and Punk is a Heroic Bastard, all to get in Punk's head. All that did was cause Punk's Berserk Button to get stuck on the ON button, and Chris suffered immensely for it, first tapping out to Punk at WrestleMania and then suffering a severe No-Holds-Barred Beatdown at Extreme Rules during a very brutal Chicago Street Fight.