Hiya from a newbie: This thread, I've read a couple of times, and finally wanted to post to it. Cause it makes me happy that other people mess up the same things I do.

And my kids...
I know I've mentioned this before, but I always sang 'You got Jungle Jane and love supreme' in 'Angel of Harlem'. Now I know it's 'John Coltrane', but I can't stop singing my Tarzan version. 
I always heard "jungle gym & a love supreme"
It varies between Jungle Jane and Jungle Gym/Jim for me. I have no idea why.
Beautiful Day:
Bedouin fires, I hear as Bad Wind fires, which makes zero sense.
In One, I still hear: "Leisure baby, if you don't care for it"
I heard that for the longest time as well. Even though I know now that it's "leaves you" I still hear "leisure."
Oh! Me too. Shoot, I'll probably never be able to hear it correctly. Ever.
I remember this misheard lyric for me, though.
"...the leopards in your head" in One, instead of "lepers."
I hear leopards in your Bed. Which is less cramped than having them in your head. I think.
My youngest son used to sing the "I and I in the sky" bit from Elevation as "Ironman in the sky".
Another who hears "Edge is blowin' in the breeze", and also from Wild Honey, I hear "Good flowers for your hair", and not "I send you flowers, cut flowers for your hall" . So, I get that one all wrong. And I've been through the whole thread, so I know I'm not the only one...
In The Unforgettable Fire, I've only recently learned that the first word isn't "eyes".
For Bullet The Blue Sky, I know that for years I didn't realize what the heck he was saying, and was saying it wrong, but I can't remember exactly it was. It was really silly ( I tend to avoid that song though).
Vertigo, the Checkmated, Hours of Fun--It's somenonsense that I can't properly even type out what I hear and then it's... SHAzZAFAW (which is my text tone now. lol)
(My kids also demanded to know if Vertigo was a real place).
Not so much a misheard lyric, but my one of my 3 year old brothers was watching the 360 DVD with my dad, and he likes Mysterious Ways, but my brother calls it the "fatas ("fat ass") song"
My youngest son calls that The Gumpagoo song. And I haven't really got a clue why. I think it's maybe from the sound of the music or something. It's spawn2 for funky. But he started calling it that when he was about 3 or so, and that's become the name of the song for me.
The older boy thought that someone was eating from a Cow in Mysterious Ways, the younger boy thought someone was eating from a Cat. They both decided it was gross, no matter what they were eating from.
The stuff I hear wrong doesn't even make any dang sense, at all. At least what the rest of you mishear seems to make some sort of sense, lyrically. For the most part.
There are so many more, but I can't usually think of until I'm listening to the song, and go "why does he say that?" and my friend goes "we've talked about this, he's actually saying this".
And then I go "oooh" and promptly forget, and continue hearing it wrong, and then ask again a couple of months later.