I have very mixed feelings about it. On one hand, I’m concerned that the rampant downloading of my copyright-protected material over the Internet is severely eating into my album sales and having a decidedly adverse effect on my career. On the other hand, I can get all the Metallica songs I want for FREE! WOW!
In fact, when I come up with an idea for a parody I try to resist the urge to Google the idea to see if someone has done it already because the answer is almost always, "Yes, of course they have, they've thought of it!"
When I started out, I didn't feel like I was really accepted in the music or comedy communities, and I was somewhere on the edge, but now I feel like I'm accepted in both, which is extremely gratifying.
My process for the parodies is that I get an idea for a song and then get approval from the artist and then go in and record it and probably try to get it out as soon as possible.