Bollywood is awesome. I love how they can completely rip off a movie to be completely serious, and in doing so they create better parodies than anything Hollywood tries to come up with.
Have you seen the Matrix Lobby scene Bollywood-ised?
Too funny.
For a home-grown treat along the same line, check out Woody Allen's film "What's Up, Tiger Lily?" He took a serious Japanese spy movie and overdubbed the dialogue.