You are stuck with her, you're absolutely right. So do you want to be stuck with her and resent everything she does, or do you want to be stuck with her and tolerate her in a good-natured, indulgent kind of way? Hint: the former is WAY tougher on you than the latter.
One thing that really leapt out at me in your response: you say that you need these friends more than she does. How do you know that about her? It's assuming a lot to think that you can "claim" these friends because you need to use them more than she does. Maybe she also needs good friends for reasons that have nothing to do with you. Besides, friends aren't really there to be used like toilets or toothbrushes, so it's not like you and she can't share.
It also surprised me to see how much you seemed to need to unload on your friends about SIL and the rest of the family. If you're feeling this much constant pressure to vent about family matters, you might want to expand your circle of friends anyway to reduce the burden that they bear from hearing it constantly. That's a tough thing to ask other people to do, and sometimes they need a break from it no matter how much they love having you as a friend.
If you can manage it, try to accept the olive branch she offers you. Whatever happened in the past between you and her is history. Let it go. You have a child now and that woman is your kid's aunt, your guy's sister. If you're close enough to call her sister-in-law, you are close enough to WORK on this relationship the way you would any vital family relationship.
It may not work and you and she may just be very different people who don't get along, but...well, again, I'm going to be very honest here and say that people who simply don't get along usually have no trouble just avoiding one another--they don't get jealous or possessive over friendships, decline invitations, and harbor resentments.
Do you really just dislike her or are you still hurt or angry at something she'd done in the past? If that's the case, try to find a way to put that hurt away. Talk to her, meditate, seek advice from a therapist or religious figure (if you're so inclined), but acknowledge that at some point, YOU are the one who must deal with it--not just for your sake, but for the sake of your child who deserves an aunt and your BF who deserves to maintain a good relationship with his sister.