When I was growing up I loved The Police (the band, that is ;) and I still do. Unfortunately I didn't buy the album "Ghost in the Machine" until several years after I started listening to it. Alas, I thought I was listening to the song "Too much sh*t for measure", but I was really listening to "Too much information". I'm a big Sting fan, but I'll put money down if you can tell the difference today!
Sincere apologies for the expletive, but if you listen to the song, you'll understand how real this "misheard" example is.
A childhood belief about misheard lyrics

others believed things like this
- in sting's / the police's song ''roxanne''. I thaught that it was ''rock sand''— wacko zacho
- Not me but my classmate. He thought that stereotyping was listening to the stereo.Anon
- When listening to the radio in the mornings I felt sorry for singers they had to come and sing that early. — Tereza
- My brother was listening to The Corrs and instead "leave me breathless" he would sing "give me breakfast".Anon
- I thought the song "Karma Police" was actually saying "call the police" before I learned the title— Alberto Richardson
- That song that goes:
I'll never let you go...
I thought he was singing:
Another machine gun...
Haha.— Kelle