The following a non-profit fan-based parody. The master-work of a group known as TeamFourStar, who are basically the pioneers of the abridged parody community.
One of the things that sets their abridged parody apart from the many dime-a-dozen goof parodies is that the sheer quality they put into their work. Not just in the editing of the footage and voice acting, but the fact that they actually try to tell the story of Dragonball Z, rather than just make the characters say stupid, immature things.
They do take some liberties for the sake of comedy, but otherwise you can understand what's going on even if you've never seen Dragonball Z. Most of the humor is easy to understand on its own, but a handful requires the viewer to be well-versed in not only the series itself, but also more obscure things like the various dub edits.
Some of the best humor the series cranks out is the kind that calls to attention the illogical aspects of the show, such as the whole "Namek will explode in five minutes, which takes over ten episodes."
In addition to the episodes, TeamFourStar also does a lot of entertaining side projects, like recording themselves playing video games In-Character (Nappa and Vegeta playing Portal 2 for example).
https://www.youtube.com/user/TeamFourStar
Here is their youtube channel.
http://teamfourstar.com/
And the official site.
https://www.youtube.com/watch?v=bsPujgqpx8w
And just for the heck of it, here's the episode that got me into the series.