Ultimately become parody, losing head (3,2)
I believe the answer is:
end up
'ultimately become' is the definition.
(I've seen this in another clue)
'parody losing head' is the wordplay.
'parody' becomes 'send up' (synonyms).
'losing head' means to remove the first letter.
'sendup' with its initial letter taken away is 'END UP'.
(Other definitions for end up that I've seen before include "on your head, maybe" , "finally arrive" , "inverted" , "head first" , "Arrive eventually" .)