Straight From the Factory by Clint Black
“Straight from the factory, nothing less than exactly.
You’re the only lock that’s made to fit my key.”
Richard Hell and the Voidoids- Love Comes in Spurts
Great song, great song title, but not completely subtle.
Billy Bragg- Ingrid Bergman
I didn’t know what it was about until someone mentioned it, then I went back and read the lyrics.
The organ solo in Michael Jackson’s “Leave Me Alone” is the one from The Doors "people are strange. Hmmm.
And his “You’re the Top.” What, you think he meant figuratively? 
For overall metaphor and execution, though, I have to give my points to 1776 and the lovely “He Plays the Violin.”
If-you-know-what-I-mean.
Here’s a sample from Garth Brooks (Two Of A Kind, Workin’ On A Full House):
“She’s my honeycomb and I’m her sugar cane
We really fit together
If you know what I’m talkin’ about”
Yeah, Garth, I think we know what you’re talkin’ about!
Pink by Aerosmith was one that I had to explain to my little brother. He was probably ten at the time but even he realized that Steven Tyler wasn’t talking about the color.
All Day I Dream About Sex, by Korn.
“I don’t know your fcking name, so what? Let’s fck.”
The OP didn’t say it needed to be a particularly *good *innuendo.
Most of Kiss’s music, as well, is pretty poorly concealed. Big Ten Inch, for example.
Handyman by James Taylor
Black Snake Blues by Blind Lemon Jefferson and a ton of other bluesmen
Ice Man and Butcher Man by Memphis Minnie
Every blues song that talks about “Mama’s jelly”
It’s hard to think of a blues song that doesn’t have innuendo.
The funny thing is that back in Junior High (Calle Mayor Middle School Torrance! Represent!) that was what we said ADIDAS stood for.
Oh, the joy of being a 13 year old male.
That was Aerosmith, not Kiss.
My favorite innuendo is “Kiss that Frog” by Peter Gabriel
And it’s a cover of the original by Bull Moose Jackson.
My favorite song about kitties
Lords of Acid “Show Me Your Pussy”
“She turns into a tiger when she’s ready to eat
My pussy’s always hungry for a big chunk of meat
So lay your little pussy right next to mine
You can bring her over around dinner time”
A few months ago, there was a song on the country-western charts called “Hillbillies”.
One verse ends with the line, “Hillbillies like to do it in the hay.”
Except that “hay” does not fit the song’s rhyme scheme.
You were expecting to hear something that rhymed with “grass”.
This page has the actual lyrics (with some typos) and an mp3 excerpt of “Davy’s Dinghy”.
If we’re going to include novelty songs, there’s “Polka-dot Undies” by Bowser and Blue:
There’s also a song by the Lemon Sisters (from the Groudlings) called “In My Country” which was very popular on Dr. Demento a few years ago. Strangely, I can’t find the lyrics online. Suffice it to say things like “pussy willow” and “cocktail shaker” are involved. I think one line goes “We’ll have a ball/in my country”.
There are many more.
Otis Lee Crenshaw, anyone?
“The double bass is like a woman. She’s big and fat, and she likes to be slapped”
The Darkness did a good one a couple of Christmases ago, that went very high in the charts over here. The lyrics weren’t rude, but the title was: “Christmas time (don’t let the bells end)”.
“Bell end” is a UK phrase for the purple bulb on the end of one’s tallywhacker.
“She Calls It Stalking, I Call It Selective Walking”.
I went to see Otis Lee a couple of years ago. It was one of those comedy experiences that happen only a few times in one’s life, where the comedian made me laugh so hard that I wished he’d just shut the fuck up for a minute, so I could breathe. Pure brilliance.
Maybe I missed it, but I haven’t seen “The Boss” in this thread.
Lines like:
I won’t even go to Thunder Road…
Sgt Schwartz
Not so much an innuendo, but the best example of Ambiguous Sentence Structure goes to the Kinks, Lola:
I’m not the world’s most masculine man,
But I know what I am, and I’m glad I’m a man, and so’s Lola.