Very Good
The ref's voice just cracked me up, but what suprised me more is than Mighty could piss so much!
I liked the Mario, Link, Dr. Mario, Luigi and Shiek sprites, I'm guessing you edited them from Megaman sprites (or got them from someone who can do that). In any case they were very well done, but Link does run funny.
Good use of music and the Hyrule stage from Super Smash Bros. I can hardly wait for part 3, then I get to see Mario's ultimate attack.