Someone I knew in school thought the lines to the Rolling Stones song "Shattered" were, "Don't you know the prime rate's going up, up, up, up, UP?" instead of the "crime rate." He thought it was about being a stockbroker.
A childhood belief about misheard lyrics

others believed things like this
- i used to believe the rolling stones wrote rolling stone magazine.Anon
- I was sure that Led Zeppelin was the lead singer of the Rolling Stones.— dave
- I used to wonder why people didn't use his first name when they spoke of McJagger of the Rolling Stones.— silly me
- I thought the "physically fit" lines in the song "I Like to Move It" were "fizzy coloured feet".Anon
- I thought the song Shattered Dreams was acutaly "Shadow Dreams" and wondered what shadow dreams were— Golgademon
- I thought a Prime Minister was some kind of religious leader, due to the "Minister" part— Darth Carrietta