A recent example of modern satire is seen in one of College Humor's latest videos, "The Guy Who Over-Pronounces Foreign Words". It's a bit self explanatory.
I think this is both a form of hyperbole and verbal irony, as the video suggests the man's actions are respectful while clearly meaning the opposite as he endlessly over-pronounces words. The video effectively calls out those who mock foreign cultures, those who defend mocking foreign cultures, and those who get severely offended when witnessing racist behavior all at once without clearly taking a side or making a stand. The video makes us laugh at the expense of political correctness, like countless other manifestations of comedy today. Oftentimes in modern comedy racist remarks are a great source of material, so long as they're kept light or spoken by someone who could be accused themselves of the remarks they're making. Racist remarks with a proper disclaimer are usually laugh-worthy... the trouble lies in drawing the line between funny enough and just too offensive.