There are extensions, and exceptions, and different licenses applicable, and fair use, and the concept of transformativeness, and... :)
Basically, IANAL, but if you just draw a picture of Mario, all you can do is hang it on your fridge. If you make it out of colored oatmeal, that may be enough of a transformative work for you to be able to sell and exhibit it. Or, say, a satirical cartoon for your newspaper featuring Mario, that might also be okay.