Soramimi: Misunderstanding song lyrics in one language for different words in a second language. The word is Japanese; the literal meaning is "empty ear."
I encountered soramimi in "Exploring Fact City," a March 29 New York Times Week in Review article about Wikipedia:
Mondegreens are monolingual; soramimi are bilingual.
The Wikipedia entry on soramimi includes many examples taken from the "Soramimi Hour," a long-running feature on the Japanese TV program "Tamori Club." It also lists some non-Japanese examples, including one that miraculously did not cause an international incident:
Can anyone suggest any examples of non-English song lyrics mis-heard as English?
UPDATE: Mark Liberman, of Language Log, discusses yaourter, a French verb "for the way people attempt to speak or sing in a foreign language that they don’t know very well." The literal translation of yaourter is "to yogurt." Be sure to read the comments on the post, too.
* I'm considering adopting "No money, long bumblebee" as the official catchphrase of Fritinancy.