Public Speaking Course:
From my public speaking course I define a parody as a funny imitation of a person, event, song or serious piece of writing. I have a great time doing parodies during a presentation and so does the audience.
A fun way to use a parody is to change the words of a recognizable song into something humorous and relatable to your audience. You can get the audience members to sing along with me by putting the words in their handouts or giving out a song sheet. (The latter method keeps the whole segment hidden so I can surprise them.) I get the words to customize the song from my pre-program research and assemble them in a funny way.
All you have to do is take a recognizable song, change the words, and sing it yourself or get the audience to sing along. Getting the audience singing along is a great way to interact and get them involved.
*Parody is generally protected from copyright infringement, but get competent legal advice before using this technique.