I'd recommend the 'inspired by' route if you are trying to do something along these lines. Just don't use the same location and character names. People will still appreciate you for it.
Think Star Trek vs Galaxy Quest. Galaxy Quest is definitely a 'rip off' of Star Trek and Trek cons, but they manipulated all of the elements to avoid any copyright infringement issues. Yeah Paramount could have still taken issue with it (Galaxy Quest was produced by Dreamworks/Universal), but that would have been a hard case to win. Plus, maybe Galaxy Quest was also based off of Buck Rogers? Gotta luv parodies!
Elves, Orcs/Orks, etc. are very much NOT Blizzard copyrights. Did Orcs even exist before Tolkien? Well, not by name but there are examples of similar creatures in various mythologies.
And if Blizzard had the copyright on hot Elf babes, yeah there's a lot of models over at the Daz store that run afoul of this. Really, though, Elmore and Company made hot elf chicks popular in the '80s for D&D, long before Warcraft ever came along.
So, it can sort kinda really look like Warcraft, just don't use anything specifically/exclusively tied to Warcraft. This advice would also apply to a Starcraft parody...