No, there is no "reverse-racism" only racism. Racism is not the same as bigotry or racial quotas, it is systematic oppression. Racial quotas ARE NOT upholding a class and racial hierarchy and OPPRESSING white males as we see with racism. What's happening in Arizona is racism not because people are making assumptions based on ethnicity about someone's immigration status but because it is racial profiling designed to keep members of a particular oppressed group in fear, with fewer rights, and a second class social and legal status.
Racial quotas to increase numbers of underrepresented groups does not cause racial inequality, it is just a more or less effective (depending on your view of it) attempt to rectify racial, economic, and gender inequalities. To attempt to equate that with a systematic effort to maintain the class order of society through making blacks or Latinos or LGBT people second class citizens who are denied the same rights in the court, on the job, in housing, in political representation... is just odious.
The idea that a radical would support a reactionary concept like "reverse racism" is a bit shocking.