Looking at this:
http://www.thestandard.com.hk/news_detail.asp?pp_cat=19&art_id=22677&sid=8801199&con_type=1

QuoteIm not cultured and I dont even know what an Islamic terrorist is, Materazzi was quoted as saying in Italys Gazzetta dello Sport. He didnt specify what he said to Zidane.

Quotethe BBC quotes him as saying how he is "ignorant"

According to the link i provided above, fifa is going to inspect the case of zidane

Now, if we look at the rules of fifa...

Quote4: If any player, association or club official or spectator perpetrates any kind of discriminatory or contemptuous act as described by par. 1 and/or 2 of this article, three  points will automatically be deducted from the team concerned, if identifiable, after the first offence. In the case of a second offence, six points will automatically be deducted, and for a  further offence, the team will be relegated.

In the case of matches without points, the team concerned, if identifiable, will be disqualified.

thats article 55, fifa disciplinary code, points 1 and 4 HERE

 Now, if old Mazerazzi really called Zidane a "Son of a terrorist whore" italy might have a problem

http://onsport.t-online.de/c/84/67/56/8467562.html <--- here is an article about it, in German.

Ive already suggested it in one of the previous threads  

They should replay the match  without Materazzi, I bet France win.

what a load of rubbish tbh....