Should I stop hanging out with this friend?

My friend from uni came over and visited. He lives an hour or so away, and visited me for the day on Saturday, he dropped in at our house and met my parents (where I am now staying now that uni has finished) and we then went for a stroll around town and to the pub. Basically, at the pub, he got a bit drunk, and made several abusive remarks about how posh my parents are, how he had never thought I was from a family "like that" (we live in a 4 bed semi and my parents are teachers, he is from a more working class background), he also made sarcastic comments about my clothes, my new trainers, my career ideas and my lack of recent success with girls (he likes to think of himself as a romeo, and it is true he is more popular than me and has had a lot of girlfriends). Eventually the cricket came on and we just watched that. He then sobered up a bit and got the train home. Has anyone else experienced anything like this in their life?