UPDATE: A long time ago WMG had YouTube remove the audio from my video. So enjoy shitty Drowning Pool. Yes I know that has nothing to do with the "Dear Sister" sketch. It's a pretty old sketch anyway, how could you even find that funny still? Do you still laugh at "All your base?" parodies?
This video is a parody of the "Dear Sister" sketch from Saturday Night Live, which itself is a parody of The O.C. Season 2 finale.
So yes, it is essentially a parody of a parody. Peronsally, I view it as more of an homage to the SNL sketch than a parody of it. It is not a "rip off" because I am not claiming I came up with the idea.
If you haven't seen the SNL sketch in question, I highly recommend you see it or else my video won't have the proper context and therefore won't make any sense to you, causing idiots to make retarded and poorly written comments about why it sucks because they are unfamiliar with the reference.