Yeah, for TV Ads shown during the day, they cut it off before the word 'shagged' was said but they played up to it. They let you know the word they cut was rude (by having a character react) which made people want to see it. The title is edited in TV listings when it is shown here. Usually changed to- 'Austin Powers 2' or 'Austin Powers: The Spy Who ******* Me'. The former is often used to save space too, though, I reckon.
'Shag' or 'shagging' has been sneaked into US media for ages as has 'wank' or 'wanking'. The Aerosmith song 'Love in the Elevator has 'shagging' in it. The character Spike in Buffy the Vampire Slayer used the word often. He also used the word 'wanker' on occasion too. Chandler in Friends calls a character a 'wank' in one episode. 'Wanker' has also been used in episodes of The Simpsons. All of these are cut from UK TV showings before the watershed (9pm) but the Aerosmith song is played on the radio uncut.