Friend issues...Plz HELP...DESPERATE.?

Soooo, i'm basically the kid that gets along with everyone. One of my friends and I have been having problems lately. She likes to joke A LOT and i mean A LOTT!! Like she says things like "you're ugly"...eww look at ur frizzy hair and than she says "im just joking." When i asked her l8ter about it she completely said she didn't say that. She's also in my business cl and we sit in front of the teacher's desk so whenever we talk he always hears us. She wants the business award and says im making her "look bad" because i always say stop hitting me or sumtin when she hits me(lightly).& teach hears it.today she said she's losing her chance to win the award cuz of me. Her eyes got kinda teary and it was like all of a sudden she was the VICTIM. I told her that I was crying yesterday when she called me ugly, but than she always backs it up by saying...i was only joking, you do know that right, N she told me Shh ...i think she doesn't know how mean she is. Who really is the victim?