Well, I can say, as a UL grad (and with a few friends who are also UL grads) that we think the video is funny. We actually had a discussion about this in one of my classes. I think one of the problems in this country today is that everything is now "offensive" (or politcally incorrect).
One of the unique characteristics about the cajun culture is the ability for Cajuns to not take themselves too seriously (in other words, have a sense of humor.) My 64 year old mother constantly laughs at herself for not being able to pronounce english words correctly. Dave Petitjean, Ralph Begnaud, Murray Conque, etc. are just a few examples of this. No one has ever sued any of these men for telling jokes about Cajun people (well, as far as I know.) It's just not in our nature.
And if outsiders really think "The Waterboy" is true and Cajun people actually ride lawnmowers to school and have a pet donkey in their house, then they are the ones who the joke is on.
And yes, I am Cajun.