Parody, n.; pl. Parodies.
Etymology: [L. parodia, Gr. parodie. See Para- , and Ode.]
1. A writing in which the language or sentiment of an author is mimicked; especially, a kind of literary pleasantry, in which what is written on one subject is altered, and applied to another by way of burlesque; travesty. The lively parody which he wrote . . . on Dryden's "Hind and Panther" was received with great applause. Macaulay.
2. A popular maxim, adage, or proverb. [Obs.]
1 other Webster entry under this spelling
Parody, v. t. [imp. & p. p. Parodied; p. pr. & vb. n. Parodying.]
To write a parody upon; to burlesque. I have translated, or rather parodied, a poem of Horace. Pope.
Shades of meaning
Fernald has no entry of its own for parody; he lists it under caricature.
Where he writes about it:
A parody changes the subject, but keeps the style; a travesty keeps the subject, but changes the style; a burlesque does not hold itself to either subject or style; but is content with a general resemblance to what it may imitate. — from caricature
A caricature, parody, or travesty must have an original; a burlesque may be an independent composition. — from caricature