Jeremiah Warhol the grandson of Andy Warhol teaches comedy at a New York City performing arts school. He explains to Comedy News that parody, is a piece of literature or news event that is reworked so it's ridiculously exaggerated and filled with wit, to make it funny.
Parodies are protected forms of entertainment that don't infringe on the copyright protection of the original work.
Familiarizing oneself with the work they want to parody makes the parody realistically funny, says Warhol.
Fabricating out-of-character quotes for a personality produces the funny, rather than waiting for it to happen naturally.
Creating personality flaws of animated characters makes people laugh based on the cute. Donald Duck offering Mickey Mouse free eggs for breakfast, and, after Mickey eats breakfast, he asks Donald what store he bought them from, then Donald says he found them under his bed sheets in the morning. Mickey then complains, "No wonder they tasted shitty!"
Creating incongruent statements and conditions that don't fit together reasonably. If you saw your teacher speeding in a pink sports car, blasting loud music, this would be incongruent with your image of her as very reserved and proper. If a priest wears women's knickers and stockings underneath his robe, to many people this is incongruent with the behavior of a priest.
And finally, Warhol advises observational comedy, taking ordinary things in life and and placing the character into the situation. For example, reminding an audience that a female celebrity often picks her nose behind closed doors, or, reminding a crowd that taking care of pets is particularly time consuming.