SubscribeAs a general rule, parodying more than a few lines of a song lyric is unlikely to be excused as a fair use. Performers such as Weird Al Yankovic, who earn a living by humorously modifying hit songs, seek permission of the songwriters before recording their parodies.
Once enough has been taken to assure identification, how much more is reasonable will depend, say, on the extent to which the song's overriding purpose and character is to parody the original or, in contrast, the likelihood that the parody may serve as a market substitute for the original.An additional issue with parody is that a court might not agree that what you are doing is really a parody. See the link in my last comment to the Stanford Fair Use pages for a couple of cases where a court didn't.
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posted by LN at 9:42 AM on August 23, 2007