One of my favorites is that in the US, "new directions" and "nude erections" are pronounced the same! Whenever anybody says Let's go into a new direction, or it's time for a new direction, or anything like that, it's all I can do not to crack up.
I worked at an answering service one of whose clients was New Directions for Men - I answered their phone Nude Erections for Men for years and nobody ever noticed!