Your logic's out - you're listing all the conditions (using OR) that should allow images to show, and then redirecting these requests.
Instead you need to list all the conditions that should cause the redirect, reversing your existing rules, and use the implied AND which is default.
Try this:
Code:
RewriteEngine On
#Block it if the referrer is NOT blank
RewriteCond %{HTTP_REFERER} !^$
#AND if it's not from my own website
RewriteCond %{HTTP_REFERER} !^http://(www\.)?site.com/.*$
#AND if it's not a thumbnail
RewriteCond %{REQUEST_URI} !\.thumb.jpg$
#Return an anti-hotlink gif in place of any visual media
RewriteRule ^images/.*\.(jpe?g|gif|bmp|png)$ css/images/hotlink.gif [L,NC]