Hustler Video has cast Lisa Ann as Republican vice-presidential candidate Sarah Palin in the porno spoof titled Nailin’ Paylin.

Word of the latest project from Larry Flynt’s company spread earlier today after the New York Daily News ran a gossip item that claimed Hustler was seeking Palin lookalikes on Craigslist. While that rumor has proven false, Hustler Video has confirmed the project is in the works.

“Nailin’ Paylin will take the viewer on a naughty adventure to the wild side of that sexy Alaska governor,” the company announced in a press release. “Sara Paylin will not only be showing us some girl-on-girl lovin’ but will also be nailing the Russians, who come knocking on her back-door (wink, wink) and in a flashback, young Paylin’s creationist college professor will explain a ‘big bang’ theory even she can’t deny!“

One scene will show the Palin character in a lesbian threesome with characters based on Hillary Clinton and Condoleezza Rice. The movie will also feature a Bill O’Reilly character as the announcer who dishes dirt on the Paylin sex scandals.

“Obviously, the real life antics of Sarah Palin are much funnier than anything we could ever make up,” Hustler exec Jeff Thill told AVN. “Her public appearances seem more like a trailer for a Farrelly brothers film then a carefully executed run at the White House.”

Jerry T. is signed to direct. Hustler plans to have the parody on the streets in time for the November election.

Lisa Ann also blogged on her MySpace Page, “Check your local listings for TMZ tomorrow (Friday)!!!! They’re running a story on my portrayal of Gov. Palin for Hustler. Be sure to tune in!  I am soooooo excited!!!! I can’t stop smiling!!!!”