John Carbone sent me this video of misheard rock lyrics. There is also a website devoted to misheard lyrics titled Kiss This Guy.
The grand daddy of all misheard lyrics has got to be Louie, Louie. Back in the day when Bobby Wright, Robbie Hall, Joe Drury, Mike Nelson and I were pretending to be a band (Bobby Banana and the Bunch) we played Louie, Louie non stop. Invariably, after finishing the song, someone would ask us why we had not sung the “real” i.e. dirty lyrics. I spent God knows how many hours listening to the song, but could never hear the supposedly dirty lyrics. (Click here for a full history and listing of the lyrics both real and dirty.) Following video also covers it.