BlakeAtwood.com

my favorites are in bold.
a decimal point = I’m a dot in place
a stitch in time saves nine = this is meant as incentive
animosity = is no amity
astronomer = moon starer
circumstantial evidence = can ruin a selected victim
desperation = a rope ends it
dormitory = dirty room
funeral = real fun
intoxicate = excitation
mother-in-law = woman Hitler
parishioners = I hire parsons
schoolmaster = the classroom
semolina = is no meal
slot machines = cash lost in ‘em
snooze alarms = Alas! No more z’s.
the Morse code = here come dots
the earthquakes = that queer shake
Alec Guinness = genuine class
George Bush = he bugs Gore
Year Two Thousand = a year to shut down
Margaret Thatcher = that great charmer
President Clinton of the USA = to copulate he finds interns
Princess Diana = end is a car spin
Ronald Wilson Reagan = Insane Anglo Warlord
Statue of Liberty = built to stay free
Summer, Autumn, Winter, Spring = “Time’s running past”, we murmur
The United States of America = Attaineth its cause: Freedom!
Tony Blair, P.M. = I’m Tory plan B
Victoria, England’s Queen = governs a nice quiet land
War on terrorism = Swarm into error
Western Union = no wire unsent
William Shakespeare = I am a weakish speller.

{reposted from here}

and quite a weird one I read a few months ago:
Britney Spears = Presbyterian