[MENTION=442]arbygil[/MENTION] That you do not find something funny is not sufficient to state that it is "not funny". Humor is very subjective. Some of the other examples you cited about fraternities doing certain things may be considered tasteless and offensive, but again, your personal opinion, and even the opinion of many, is not sufficient to qualify something as "not funny".
Satire and racism are not mutually exclusive. Something could be characterized as both. Just because something is considered demeaning, racist, or offensive to some does not disqualify that from being satirical. I'm sure that any unconventional idea is offensive to SOMEONE out there.
You are entitled to your opinion, but you overreach to presume that your opinion is the only valid one.