A mondegreen is the mishearing or misinterpretation of a phrase as a result of near homophony in a way that gives it a new meaning. It most commonly is applied to a line in a poem or a lyric in a song.
Personal favorite: AbbA - See that girl, watch her scream - kicking/licking/tickling/sticking the dancing queen…
First Runner Up: Toto- I left my brains down in Africa…