The video isn't a parody but a recreation, except with hitting. It's the brainchild of screenwriter Max Landis and features a mixture of actors and regular people. They were not paid, according to Landis.
But frankly those behind-the-scenes details are beside the point. This is a video about people getting smacked and, particularly, Haley Joel Osment getting smacked (anyone else think he looks at lot like Al Borland these days?) . Skip to 1:47 for that magic moment.