You might not have heard it, but "Father of Mine" by Everclear has a good misheard lyric of mine: Instead of, "My daddy gave me a name", I still like to think it says, "My daddy laid me an egg" ...
Also, that song that goes, "My boy's gonna play in the big league/My boy's gonna turn some heads/etc" (I can't think of the title or who sings it off the top of my head) ... But you know the song ... In the bridge, it sounds EXACTLY like he says, "You can hear the asscrack" and not "You can hear the ice crack".
Or, there's always the Steve Miller Band's "Bingo Jed Had a Lighter" ...
... Draw your own conclusions.
A childhood belief about misheard lyrics

others believed things like this
- I used to think that Steve Miller song "Big old jet airliner" was "Bingo Jed had a light out" — Skeeter
- "Big "Ol Jet Had A Light On" aka Big Ol Jet Airliner - Steve Miller Band— My son in law John
- I thought that the song "Hands off she's mine" by The English Beat was actually saying "Anton, she's my aunt"— Nate
- My friend's sister believed the lyrics to Gazza's "Fog on the Tyne" were "Fog on the dinasaurs mine all mine"— Suzanne
- I used to think that the title of Barry Manilow's song "Looks Like We Made It" was "Looks Like Tomatoes".— close2nd
- I thought that a "sugar daddy" was a father who let his kids eat all the sugar they wanted.Anon