Is It okay to have fret buzz on your guitar and is it normal?
Epiphone Les Paul Limited Edition Standard W/ Seymour Duncans
Crate GTD15R
Peavey Vypyr 15W

To a certain degree, yes. I mean, there shouldn't be any buzz if you simply fret a string and hit it. If you're a very hard-hitting player or if you shred a lot, there will probably be buzz, yes. Unless you've got ridiculous action.
Very light or faint fret buzz can be OK, but I prefer none. You want a minimum of fret buzz because it robs your sustain and can gunk up your tone.
Dean MS STD V w/ Dimebucker
Dean ML '79
Jackson DKMGT
Randall RG75
Peavey Bandit 112
Boss NS-2
Depends how much. I read in a setup book that a little fret buzz is okay as long as it doesn't inhibit playing or get get picked up by an amplifier, but I've found that any guitar that is setup correctly shouldn't have any.