The Dylan song From A Buick 6 contains the line:
"She's a junkyard angel..."
I heard:
"She's a junkie ark angel..." Whatever that is. 
Misheard Song Lyrics Page 4
An Archangel who's a junkie.
Until I heard Dylan's original of 'All Along the Watchtower' I firmly beleived that the last line of Jimi's version was not 'the hour's getting late' but a triumphant howl of 'I was gettin' laid!'. 
Michael Jackson's Smooth Criminal repeats the line:
'Annie are you ok, Annie are you ok, are you ok Annie'
which I heard as:
'Annie are you wonky, Annie are you wonky, are you wonky Annie'
and K.D. Lang's song 'Constant Craving' sounded to me like 'Can't Stand Gravy' Hear for yourself (when it gets to the chorus)
https://www.youtube.com/watch?v=oXqPjx94YMg
She has such a sexy voice
As mentioned in another thread Bonnie Tyler's big hit "It's a hard egg."
Uptown Funk:
"Make a dragon wanna retire man"
I hear "Like a Dragonborn out of retirement."
I like to think my version is better.
I always used to wonder why Arlo Guthrie was coming into Los Angeles carrying a couple of geese.
For the past 10 years, I have been belting out "Follow Me" to the tune of Eric Prydz' "Call on Me"
When I first heard Leyla I thought he was singing Hey Love. 
"Blinded by the light
Wrapped up like a douche of an aroma in the night"
I never quite knew what that wrong interpretation meant.
And I didn't want to know as I didn't like the sound of it.
Anything by George Ezra.
"State of Independence", which I like a lot, is full of this stuff:
So (slurred with an h) luvverly, so blow it up
So (slurred with an h) bubberly, shall blow it up
So (slurred with an h) jubberly, we'll blow it up
(Well, it was the 80s)
and
Shaft on the floor, the flavour borealis/bollyitis (what?)
and
See it all in his wisdom hear
These nuclear bombs alive, these nuclear bombs alive
This state of independence shall be, This state of independence shall be
https://www.youtube.com/watch?v=cPlNrP9B2Zs
Mind you, I went through several weeks of hearing a bird that sat every day on a telegraph wire in my street repeating "Manchester United", "Manchester United". It did stop as soon as I mentioned it in work, along with comment that it was upsetting me, but I got a poor staff report shortly afterwards.
Have you heard the new Manic Street Preachers record?
A Wheelie bin,
A wellie and tights.