What would you do if your heard your child say the seven words you can never say on television?

My 5-year-old son isn't allowed to say any bad words. The only one of the seven words my 15-year-old daughter is allowed to say is p�ss but she's allowed to say other bad words like slut, whore, retarded (as long as it means slowed down or delayed which is using the word properly), f�gg�t, and gay as an expletive.