Here is a quote from a federal court about satire. This is from Locurto v. Guiliani:
Parody, satire or humor as a method of addressing matters of public concern, in addition to being no less entitled to constitutional protection than more serious discourse, is frequently more effective. See, for example, Jonathan Swift, A Modest Proposal for Preventing the Children of Ireland From Being a Burden to their Parents or Country 19-31, (William Alfred Eddy, ed., Oxford Univ. Press 1962) (1729), which, in commenting on England's oppression of the Irish, proposed outrageously that the British could most efficiently reduce the Catholic population, and their attendant public burden, by fattening and feeding on the one (1) hundred thousand Irish children upon their reaching one (1) year old. For examples from the more recent past, consider George Bernard Shaw, Pygmalion (Dover Thrift 1994) (1916), and the varied writings and statements of Mark Twain and Will Rogers, effectively demonstrating the power of humor and satire when addressed to political and social issues.
I don't want to turn this into a free speech forum, but why is the university reacting as it has?