Research various examples of parody, farce, satire or spoofs in art, entertainment or literature. Some examples of satirical television shows are "The Office" and "The Colbert Report"; "The Onion" is a satirical website; "The Princess Bride" and "Animal Farm" are satirical books.
Track your laughter. When watching or reading parodies, write down jokes or funny situations. Analyze what makes these situations humorous or not humorous.
Ask others what satire they enjoy or prefer. Provide them with examples, from film or television. Your parody should be able to resonate with a wide audience.
Start writing interesting situations or come up with character sketches for your parody. Many parodies are based on famous people or celebrities, but you can also parody someone you know. Feel free to use stereotypes, but do not copy or plagiarize an existing parody.
Put your characters into certain situations, and imagine how they might react. For example, a parody of Dan Quayle may place him in an elementary school spelling bee, trying to cheat. Extreme behavior or reactions work well.
Write down dialogue and flesh out scenes or the story. You can create an original sketch or scene, a picture, a news story or even an entire novel, based on your character or characters.