For songs that have “the rain” I change it to “Lorraine”. CCR wants to know who will stop Lorraine. Adele set fire to her. Lorraine has a lot of adventures in my mind.
That is actually a Mondegreen of mine.
“I want to know, have you ever seen Lorraine? Comin’ down on a sunny day”
When Weird Al came out with his album Alpocalypse, I purposely misheard it as “alpaca lips”. Actually, considering it’s Weird Al, that may have been how he intended it to be heard.
This is actually ‘intentionally mis-read’.
Mrs. L.A. has some Nourish body wash. Due to the font, the angle from which I view it, and because I’m pretty much asleep when I take a shower, I always intentionally misread it as ‘No Irish’.
As to CCR misheard lyrics, saw this one some years ago: https://www.youtube.com/watch?v=ZHIop4mhRro
In Love Will Keep Us Alive by the Eagles. Instead of “I will die for you” I hear it as “I will diaper you”.
In Star Trek, whenever someone says ‘Qapla’!’ (Klingon: ‘Success!’), I intentionally mishear it as ‘Ker-plop!’
All those men suffering from reptile disfunction.
Whenever I hear Steve Winwood’s song “Higher Love,” I picture a guy walking into a brothel and singing, “Bring me a hired love…”
You’d be surprised at how many diet ice cream products have “cow” in the name. It doesn’t seem like the best marketing strategy.
Whenever I hear the NPR reporter Rob Stein, I always hear Rammstein, the as in the German heavy metal band. And then I end up singing “Rob Stein” to the tune of the song of the same name.
I was just reminded of an intentional misinterpretation. Decades ago we gathered for a D&D game. The DM was rolling up my character. As he rolled and stated my character’s attribute he said, ‘Slaver…’ So I started slavering.
Back in the 80s, my friends and I always thought Paul Young was singing:
“Every time you go away, you take a piece of meat with you…”
This is more intentionally misinterpreted than misheard, but I think it fits here. Whenever I hear NPR* mention their sponsor Progressive Insurance and their Home Quote Explorer tool, I picture the announcer doing air quotes when he says “explorer”. As if he was calling it the so called Home Quote Unquote “Explorer” (with air quotes) tool.
*Yes, another NPR one. I always have it on in the background now that I’m working from home.
We always thought we were pretty funny when we would put on our best hillbilly accent and make fun of the girls wearing their “Juicy Cooter” pants.
I don’t get it. 
But then, the only designer women’s jeans I know of were Jordache (pronounced by me, ‘Lard Ass’). The only ‘Juicy’ name that comes to mind is J.C. Penny.
Juicy Couture. Velour sweatsuits with “Juicy” written across the butt.