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Subject to sections 107 through 122, the owner of copyright under this title has the exclusive rights to do and to authorize any of the following:
(1) to reproduce the copyrighted work in copies or phonorecords;
(2) to prepare derivative works based upon the copyrighted work;
(3) to distribute copies or phonorecords of the copyrighted work to the public by sale or other transfer of ownership, or by rental, lease, or lending;
(4) in the case of literary, musical, dramatic, and choreographic works, pantomimes, and motion pictures and other audiovisual works, to perform the copyrighted work publicly;
(5) in the case of literary, musical, dramatic, and choreographic works, pantomimes, and pictorial, graphic, or sculptural works, including the individual images of a motion picture or other audiovisual work, to display the copyrighted work publicly; and
(6) in the case of sound recordings, to perform the copyrighted work publicly by means of a digital audio transmission.
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This is far from an unlimited grant of power. Of this list, the only plausible grounds is (2) - derivative works.
Which means we're well into then arguing about "Fair Use"[1], which I would encourage people to read the full description of carefully - because the answer isn't whether you can come up with a snippy "gotcha!" it's whether under careful consideration in the court of law anyone would be likely to agree with you.
I really don't know why people bother bringing it up other than to create an uninformed distraction.