That's the rule, KC! Probably the best known example is the case of
Hustler Magazine, Inc. v. Falwell, where
Hustler published an extremely distasteful parody ad involving Jerry Falwell, his mother and an outhouse. The United States Supreme Court said that even though it was obvious the statements were false and
Hustler knew they were false, it was also obvious the ad was not intended to protray actual events and Falwell was a public figure, so the speech was protected. Public figures are pretty much fair game. Is rykat a public figure?