Yes, this video is actually being litigated on copyright infringement grounds. Summary from Electronic Frontier Foundation,
South Park aired the “What What” parody in a 2008 episode critiquing the popularity of absurd online videos. Two years later, copyright owner Brownmark Films sued Viacom and Comedy Central, accusing South Park of infringement. A federal judge dismissed the case, calling it a clear fair use. Brownmark appealed to the 7th U.S Circuit Court of Appeals, claiming that fair use cannot be decided on a motion to dismiss, no matter how obvious. In an amicus brief filed Monday, EFF argued that Brownmark is asking for a standard that would chill free speech and encourage frivolous litigation.
Amicus brief below: