A mondegreen is a misheard phrase; the canonical example is probably “‘Scuse me while I kiss this guy”, a mishearing of “‘Scuse me while I kiss the sky” from Jimi Hendrix’s “Purple Haze.”
Anyway, my boss Jess thought that in the Mark Knopfler song “Hill Farmer’s Blues” (from The Ragpicker’s Dream), the narrator proclaims “I’m goin’ into town, LOL.” The actual lyric, apparently, is “I’m goin’ into Tow law.” But I think the mondegreen is better.