This opens up a world of possibilities...
QPR (Queens Park Rangers) could now become Queer Pork Roulade
RIP (Rest in Peace) could instead be Ripe Iguana Poo
To get us started I will suggest an acronym and we'll take it from there. When people get bored feel free to start another.
Your acronym is...
SITCOM (Single Income Two Children Oppressive Mortgage)