It's pretty easy to see that both of these conditions are met with regard to this video.

Your statement is factually wrong on so many levels.

One, your understanding of what first amendment covers or doesn't cover is incorrect. Hate speech in particular is protected (which this video may or may not even be - I would call it distasteful but legitimate satire). This has been expressly addressed many, many times: http://en.wikipedia.org/wiki/Hate_speech#United_States

Two, the words "demonstrably untrue" mean that someone has audiovisual proof of what happened. I am not agreeing or disagreeing with the video's interpretation of the history of Islam but fact is, no one has the video of Muhammad getting religion. This is why it's called "faith".

Three, inflammatory words = violence equation is no more valid than slutty dress = rape equation. Violence is always squarely on the perpetrators, however provocative the trigger may be. I don't see why Muslims - or people of other faiths - should get special treatment when it comes to their religious feelings being offended.