We have a few favorites

From Lucy In The Sky with Diamonds:

Lyric: Lucy in the sky with diamonds 

Misheard: Lucy in the sky with Linus 

Lyric: The girl with kaleidoscope eyes 

Misheard: The girl with colitis walks by

From: Tiny Dancer

Lyric: hold me closer, tiny dancer

Misheard: Hold me closer, Tony Danza

From: Jet Airliner

Lyric: Big old jet airliner

Misheard: Bingo jet had a light on



Please feel free to add your own.

1,000 Miles From Nowhere ~ Dwight Yoakam

Lyric: "I've got echoes in my head"

Misheard: I've got pickles in my head

Edited for link: 12/25/13

Correct: "You picked a fine time to leave me, Lucille...
              With four hungry children and a crop in the field"

Misheard: "You picked a fine time to leave me, Lucille...
                 With four hundred children and a crop in the field"

lamo @ both  For all these years and until this moment I had those lyrics of Rocket Man wrong.  I won't tell you what I thought they were.  I had never looked them up.

the most famous one, that is now used as a domain name for such things:

"excuse me, while i kiss the sky" - Hendrix
"excuse me, while i kiss this guy"- Unknown