Guys, after further research, a retraction & correction is in order.
Musical parody has never come up in my practice, so I'm a bit rusty. In reality, BMI and most of the other clearing houses currently require that you get permission before doing a commercial release of a parody of someone else's work- and yes, some can be a pain.
That said, here's a quote from Weird Al's own site (
http://weirdal.com/home.htm):
[QUOTE}"Does Al get permission to do his parodies?
"Al does get permission from the original writers of the songs that he parodies. While the law supports his ability to parody without permission, he feels it's important for him to maintain the relationships that he's built with artists and writers over the years. Plus, Al wants to make sure that he gets his songwriter credit (as writer of new lyrics) as well as his rightful share of the royalties." [/QUOTE]
Basically, under the law however, parody is granted a "fair use" exception to the mechanical royalty rules as "transformative" works, new in their own right.
As the Court in
Campbell v. Acuff-Rose Music (92-1292), 510 U.S. 569 (1994) ( readable in full at
http://supct.law.cornell.edu/supct/html/92-1292.ZO.html) stated:
Parody's humor, or in any event its comment, necessarily springs from recognizable allusion to its object through distorted imitation. Its art lies in the tension between a known original and its parodic twin. When parody takes aim at a particular original work, the parody must be able to "conjure up" at least enough of that original to make the object of its critical wit recognizable. See, e. g., Elsmere Music, 623 F. 2d, at 253, n. 1; Fisher v. Dees, 794 F. 2d, at 438-439.
You can't just change a lyric and note here and there, however- your parody has to be substantive. (Really- check out that
Campbell case in full.) The problem is that you won't truly know your work is "transformative" (and thus, protected fair use) unless and until you get sued and a court says it is...which is why artists like Weird Al and others basically use the CYA method and get permission.
If it isn't, it will probably be considered to be a normal cover song, thus subject to normal mechanical royalties...and of course, that would be AFTER you paid all of those legal fees.