Misheard: This is the dawning of the Age of Asparagus, Asparagus
Real: This is the dawning of the Age of Aquarius, Aquarius
From Aquarius by Fifth Dimension

Bring on the free love and veggies.

Carly Simon's "You're so Vain"...i had a dream there were CLOUDS in my coffee

It always makes me cringe when people sing "Just like the ONE winged dove..."
So once and for all, it's "Just like the WHITE WINGED DOVE..."

"Edge of Seventeen" ~ Stevie Nicks

Source http://rookery5.aviary.com/storagev12/3363000/3363288_d098.jpg

Misheard is: Oh Canada, we stand on cars and freeze...

Real Lyric: Oh Canada, we stand on guard for thee...

Artist: National Anthems
Song : Oh Canada

Misheard lyrics: "You are not a gnome"
Original: "You are not alone" by Michael Jackson

Source

Artist: Miley Cyrus
Song : Party In The USA
THE MISHEARD:

Welcome to the land of fame and sex
Real Lyric : Welcome to the land of fame, excess
The story:
Wasn't really embarassing..just thought that's what she was singing until I checked

and the entire human race !

Eagles - Hotel California

"What a nice surpise..... when your rabbit dies"

Real Lyrics "What a nice surprise, Bring your alibis"

Inspired by
http://www.kissthisguy.com/2073misheard.htm

Had to do the CCR classic from Bad Moon Rising: "there's a bathroom on the right" instead of "there's a bad moon on the rise." Loved the freaky hand treatment in the source pic--seemed to suit the theme.
Sources

Misheard - Whoa oh oh oh whoa, God it's the bedroom ants!

Real Lyric - Whoa oh oh oh oh whoa, caught in a bad romance.