Mondegreen
A mondegreen is the mishearing (usually accidental) of a phrase, such that it acquires a new meaning. The word is a mondegreen of "They hae slain the Earl o' Murray and laid him on the green", the last five words being misheard as "Lady Mondegreen".
While a common occurrence for children, many adults have their own collection, particularly with regard to popular music.
Examples
Some mondegreens arise from false friends.
A phrase in one language may be misheard as a semi-sensical phrase in another language.
The humorous aspect of these has given rise to a music video genre known as animutation[?].
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