The "pretend" bit is a bit vague. If you put an Elvis impersonator, even a very good one, in an advertisement for a mobile phone, say, then would that be all right because no one would think it was the real Elvis? Where do you draw the line?
This sort of question has already been discussed in an English court, I think. See Bedford v The Number, previously reported on in The Register, though I don't know what the conclusion was or even what the precise issues were.