Friend Insults me ALL the time, But I Still Want To Be Friends?

Sounds like your friend is very insecure and is making herself feel better by putting others down. Sit her down where you can talk and be alone (preferably not at school) and tell her whats shes doing and how it makes you feel. Don't mention that it might be because she herself is insecure as she will react negatively. Tell her that you really like her and want to be friends with her but not if she continues to insult you and your other friends. This will make sure she doesn't feel criticised and hopefully she will get the message, she may not even realise she's doing it. If she doesn't listen and carries on doing it take a break from her and she'll soon realise what your worth and that she wants to friends with you more than she wants to criticise you.