Parody:
a humorous or satirical imitation of a serious piece of literature or writing
to imitate (a composition, author, etc.) for purposes of ridicule or satire.
to imitate poorly or feebly; travesty.
Satire:
the use of irony, sarcasm, ridicule, or the like, in exposing, denouncing, or deriding vice, folly, etc.
Understatement:
the act or an instance of understating, or representing in a weak or restrained way that is not borne out by the facts: The journalist wrote that the earthquake had caused some damage. This turned out to be a massive understatement of the devastation.
Overstatement:
to state too strongly; exaggerate: to overstate one's position in a controversy.