Creative Commons is something I had only found out about a few years ago when the artist community DeviantART implemented it into their submission forms. It’s pretty much an open invitation for viewers to use your work in ways that you specify, but you retain the original rights to the work. It’s a legal way for makers to find content to create new work from. Creative Commons is a very good tool for stock photographers, musicians, cinematographers, and other artists who have no problem with their work being shared and expanded upon.
We as a society give limited property rights to creators, to reward them for producing culture; at the same time, we give other creators the chance to use that same copyrighted material without permission or payment, in some circumstances. SOURCE
Parody can almost fall under the Creative Commons umbrella, but it depends on whether the original content was licensed or not. If it wasn’t licensed under Creative Commons, the work may still be safe if the new work is not identical to the original and is criticizing or commenting directly or indirectly.
Generally, Creative Commons allows artists to work with other artist’s work to create something new. Giving credit where credit is due is suggested and sometimes required. Some artists insist that their work is not used for commercial gain (ie: profit/revenue).
To achieve the vision of universal access, someone needed to provide a free, public, and standardized infrastructure that creates a balance between the reality of the Internet and the reality of copyright laws. That someone is Creative Commons. SOURCE