There is a general rule of law in the United States based on the concept of a "reasonable adult". Each of the first ten amendments of the American Constitution (and their analogues elsewhere) comes with the unwritten assumption that a reasonable adult will use these freedoms for the betterment of the community. The right to bear arms does not grant me the right to murder my neighbor because I don't like the car he drives. The right to peacefully assemble and protest the actions of government does not grant me the right to riot and destroy the property of others.
In this case, the right to free speech does not grant the right to make false accusations. Despite a more liberal interpretation of law in recent years, slander and libel are still criminal acts, not protected by the first amendment. Would a reasonable adult consider J.L.'s parody to hold any truth? Probably not. Would a reasonable adult consider J.S.'s fake profile to hold any truth? Considering the forum on which it was placed, I would have to say yes, as there have been numerous instances of principals and teachers creating just such a profile. Therefore, the issue isn't whether schools have a right to police students' activities outside of school; but rather if actions taken in the world of cyberspace can or should be held to the same standards as those taken in print or public discourse.