Is word "crap" considered a vulgarism?

The meaning of crap is

• Something that is of extremely poor quality: nonsense; rubbish, junk.
• excrement: (in singular) an act of defecation.

The first meaning is similar to the use of the work cock in the following British English sentence:

That's all a lot of cock.

The NOAD doesn't mark the second meaning of crap as vulgar, and I don't think it is interpreted as vulgar from people too.
To make a comparison, also the word cock is not considered vulgar, as it has other meanings apart penis.

I wouldn't label crap as vulgar by today's standards, but it isn't a word you'd want to use in a professional setting or with people who are prim and proper.

The word itself is used in a many different ways. kiamlaluno pointed out two popular usages:

• Something that is of extremely poor quality: nonsense; rubbish, junk.
• excrement: (in singular) an act of defecation.

But it is also used as an exclamation, as in:

Holy crap, this test is difficult!

I do think that the word crap has become more acceptable over time. When I was a child in the 80s I once said, in front of a friend's mother, "This is crap," after seeing a long line at an amusement park. She gave me a very stern look and told me I should not use such vulgar language.

Another time I was helping a classmate clean out his desk and I said something along the lines of, "There is a lot of crap in here," and he shushed me as he was concerned that we would get in trouble if the teacher heard us using that word.