The reason behind the unequally yoke verse is not a verse about
caste or class or categories or anything. It is a verse about
priorities and values in life.
Imagine a very staunch christian getting married to a free thinker
or any other person of any other beliefs. One day, when your child
is born, you insist on getting ur child baptised, but your wife dun
wan, what will you do? One day, when you wanna go church on Sunday,
but your wife feels that it should be a day where u accompnay her,
what will you do? One day, when you suddenly feel the call of God
to go to Africa as a missionary and leave your job, how do your
wife will understand?
Remember here, GOD is not condemning people of other religions. He
is talking about the clashes that might happen if such an union
happens. In every God's commands and advices, there lies the issue
of choice. You can choose to go the way God advises but you can
choose not to. Thus in every choice you made, you will reap the
benefits but you should also suffer consequences if any. I think
that is only fair. Therefore, the issue now is no longer the verse,
the issue here is what you wanna choose. God says "hey I think you
better not do such a thing, it may have such consequences." But
now, if you think you can bear with the consequences and not take
the advice, its your choice.
in every command that God gives, the reason is love not punishment.
He asked us not to murder not because so that he can throw us into
the lake of fire but to spare us from the pain of thedeath penalty.
He commanded us to not store treasures on earth not because He wan
us to be poor but He does not wan us to be caught up in the pain of
the rat race. God is love and if we believe that, then we believe
His commands is because of love but alas, love also means giving us
a choice.
So well my friend, its your choice in such matters but you already
heard what God advises, the ball is in our courts now 
MASTURBATION
Masturbation is an interesting topic.
Lets look at this verse.
Matt 5:28
28 But I tell you that anyone who looks at a woman lustfully has
already committed adultery with her in his heart.
Now let us be frank here. I struggle with masturbation too. When we
masturbate, tell me what is our minds? i dun think, while we are
masturbating we are thinking about our reports, or our bank
accounts or our homework or the KFC Chicken wings or anything. Most
likely, while you are MASTURBATING, you are likely to be
visualising a sexual act with a girl or you are looking at a porn
pic or a pic and fantasising about it. I say mostly becos I know of
some weird things that people masturbate to but in most cases, I
would say what I say its true. WE form images in our mind. And if
we link back to the verse up there, we would understand why,
indirectly, masturbation is not encouraged.