Not exactly misheard but what I came up with and which became canon to my household despite not really sounding alike:

Tape Five’s ‘Taxi to Bombay’ became ‘Text me Your Butthole.’ (And please do not.)

Edit: Just remembered an actual misheard one. I am a bit hard of hearing, and the They Might Be Giants song Subliminal I heard as Submersible. Considering that the lyric is ‘Subliminal… in an unnoticeable way,’ my interpretation was pretty damned funny.