IANAL either, but that is _way_ oversold by the general public. It's only parody if the point of the new work is saying something about the original.
Popeye having explicit sex with Olive Oyl isn't parody, it's just for people to get their rocks off. There's no commentary on the original work being made. Nothing wrong with that, but if people think they're in the clear because they shout "parody", they're mistaken.
