Parodies are protected under US law as part of the Weird Al Yankovic Act of '83
It's why Deadpool exists. And my parody of him in Champions Online, Dead Poo! Same general look, just brown and dirty. Oh, and completely different powers! All of Dead Poo's are poop-based, including his travel power of flying around on a frozen poopsicle!
I made costumes of him without his clothes on. He is just what you think he is - even turns white in the desert like he dried out in the sun too long!
You ever meet one of those Don Quixote types and just wonder "What the hell are they thinking?"