Soramimi (空耳, “to thought to have heard something”, or “pretending to have not heard something”[1][2]) is a Japanese word that in the context of contemporary Japanese internet meme culture and its related slang is commonly used to refer to humorous homophonic reinterpretation, deliberately interpreting words as other similar-sounding words for comedy (similar to a mondegreen, but done deliberately). (Wikipedia “Soramimi”)
Homophonic translation renders a text in one language into a near-homophonic text in another language, usually with no attempt to preserve the original meaning of the text. (Wikipedia “Homophonic translation”)
I know some examples and it would be fun to learn more.
As a start, this is a very densely layered nikovideo. (Because of the interpretational matter it probably wouldn’t win a literature price, and if it is offensive I am going to delete it again):