The best thing about Steel Panther is that something that started like a joke, has been really huge as they are playing in big venues. They are really good composing, as it is not easy to write songs with this kind of lyrics. They parody hair metal honoring it. Also are great performers. Every show is a party like Sunset Strip used to be.
In Spain, in the 90's also started a band as a joke and has been one of the most important bands in the country. They are called Mojinos Escozios (I can't translate it, sorry) and with much less quality than Steel Panther, you can also have fun!