Generally, it is called a parody. But not all parodies are meant to make fun of the original. Some are made just for fun, and not to offend the first one.
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Meet the Spartans.
Scary Movie.
It makes fun of aspects of American culture. For example, it is satirised by seeing Olive compete in the pageant, because she is not a "typical beauty queen", as she is overweight.
well reducing can be done by Compressing (Quality gets reduced for sure) OR Deleting few scenes of the movie (deletion of scenes..well i wont suggest that either coz if you dont have the movie in whole i believe you would be missing on something) so its upto you what you wanna sacrifice..Quality or the fun of having the whole movie
I haven't seen Rio, but I know that if you want to see something funny but has some love relationships in it, get Prom on DVD, if you want to see something that is funny but a family comedy that's appropriate for kids and fun for the whole family get Rio on DVD, it all depends on what type of movie you wanna see: Romance or Comedy/Humor.