OK Folks... This is a little tongue-in-cheek fun, given the frustrations that some of us have with the English language, so please, no one take any offense whatsoever - I have made some of these blunders myself on occasion.

Here are some common misspellings - their actual meaning and the word you may have meant to use:

Abhoy –

a greeting initiated by our very own @MusicMee through typo, which has been adopted by the Bootswine (See Bootswine)
Ahoy! - a greeting and term of endearment on the waves or to draw attention (thanks @PersonalC0ffee)

Accommodation –

a room, group of rooms, or building in which someone may live or stay.
(See recommendation) (thanks to @LucianSanchez82, @triheadedmonkey and @KattTruewalker)

Anchor –

a mythical device from the “real world”, apparently a large shape of metal that would be suspended somewhere on a ship, before being lowered into the water to keep a ship where she currently be bobbin’ along. These artefacts can be found washed up on shores alongside dearly departed crew and their wrecks.
Capstan - the part of the “anchor” that we see in game, the raising and lowering device that the chain connecting an anchor to the ship would use. (so we don’t run to the anchor – we run the capstan!)

Blunder bust –

when you make a really stupid mistake and get arrested for it.
Blunderbuss - A short-barrelled firearm similar to a shotgun with a flared muzzle (thanks @genuine-heather)

Booms –

a loud sound, usually from an explosion, drum or something metalling hitting something else (a head, a wall, a cat?!)
Gunpowder Barrel - a useful item for fending off Golden Skeletons and persistent Galleons (thanks @PersonalC0ffee)

Boom Booms –

a colloquial term created by @Erinom3 and embraced by the Sea of Thieves forum to loving refer to Gunpowder Barrels
Gunpowder Barrel - a fun item to light next to a fellow crew member before running off (thanks @PersonalC0ffee)

Bootswine –

a special breed of Pirate who spend a little too much time on the forums, usually trying to be helpful, the term originally coined by @Thor-von-Blitz!
Boatswain - the senior member of the deckhand department of a ship, responsible for the maintenance of the hull (thanks @PersonalC0ffee), /ˈboʊsən/ BOH-sən, formerly and dialectally also /ˈboʊtsweɪn/ BOHT-swayn), bo's'n, bos'n, or bosun. (cheers to @specialadvisor_

Brig –

a cell housed on a Sea of Thieves vessel which can be used to lock away problematic crew (and sometimes cursed items)
Brigantine - a small vessel able to carry 3 crew at a time, sometimes abbreviated to “Brig” for confusion (thanks @LucianSanchez82)

Captian –

from the urban dictionary someone who exceeds in every aspect of life
Captain - the leader of a band of Pirates, usually shouting orders (thanks @KattTruewalker)

Caution Balls –

balls that are a little nervous about things at times, perhaps they need a little helping hand?
Weary Balls - a form of cursed cannonball that send you to sleep if you are unlucky enough to be hit by one. An excellent joke to be played on chums when they are battling skellies! (thanks @ScoobyWRX555)

Cuddle Puddle –

a small body of water that allows for the affections of one person to another be known through an embrace… a little soggy but still good! (coined by @DrBullhammer and co.)
Sleep emote - an emote designed to send a Pirate to sleep, used in many a humorous way, including the above where a multitude of pirates pile in together to create what looks like a pile, or puddle of Pirates in an embrace!

Death Noodles –

possibly a Japanese Metal band, or a spicy Vermicelli that has been pushed a little too far?
Snakes - nasty little vermin who like to rear up when you get close and spit venom at you, creating all kinds of chaos when in the middle of a Skeleton battle!

Dubloons, Doblooms and Dablooms –

who knows? Some strange Harry Potter references? Branch of Dubstep? Or unfortunate typos?!
Doubloons - the alternative currency to gold coins, favoured by the Bilge Rats (thanks to @admiral-rrrsole)

Far Looker –

someone who can see very, very far! (coined by @drbullhammer)
spyglass - a useful tool in any Pirate’s inventory, allowing them to see great distances out to sea, whether to spot incoming vessels, hidden treasures, or to simply enjoy the stunning vistas that the Sea of Thieves provides. Be warned, there has been a recent spate of Pirates using these incorrectly around their groin area to humorous effect, though this seems to have stopped.

Fletcher –

someone who “fletches” arrows by usually adding feathers or other stabilisation devices too them
Fetcher - a poor soul who perished at Fetcher’s Rest in the Devil’s Roar region

Forgotten Shores –

a land long lost somewhere through the Devil’s Shroud?
Forsaken Shores - the Devil’s Roar region of the Sea of Thieves and current content update

Galley –

the kitchen area of a ship, or a REALLY large rowboat!
Galleon - a large Spanish sailing vessel, or the 4 man crew vessel in Sea of Thieves (thanks @Genuine-Heather and @Admiral-rrrsole)

Gallon –

a measurement of liquid, equalling four quarts (if you’re American and know these things! ;P)
Galleon - one of the best ways to explore the Sea of Thieves, a larger vessel with 3 sails to look after, 3 decks to explore and plenty of cannons! (thanks @Genuine-Heather)

Gally –

a land that is barren or damp, or to frighten and scare someone!
Galleon - a safer choice when exploring Devil’s Roar, though harder to fit into tight spots, easy to beach by accident! (thanks @Admiral-rrrsole)

Gold Hoarer –

a person of dubious morality, metallically sprayed
Gold Hoarder – someone who really, like really likes treasure! May find themselves cursed and replacing sections of their anatomy with pieces they love the most (thanks @PirateCraggy)

K-Bot –

a mysterious employee of Rare’s who holds omnipotent power over the forums and brings us weekly update news… She also plays a bit and likes Tacos… (a nickname coined by @drbullhammer)
khaleesibot - @khaleesibot see above! ;)

Larva –

the pupae stage of some insects, usually most well known as Maggots and the like
Lava - very hot rock, that has become molten – don’t touch it!

Leapy Jump –

coined by @SirioNDB, a feat of daring acrobatics that one could perform, parkour style, perhaps when imbibed with Grog?
Sword Lunge and Jump - a tactical manoeuvre mastered by true Pirates allowing great distances to be covered and to turn the heaviest of sailors into a motorboat!

Left –

a direction, as indicated by your left hand
Right - we all get confused sometimes right? No the OTHER right!

Powder Keg –

a large, round wooden keg storing large amounts of gunpowder, which explodes, violently
Gunpowder Barrel - safest when stored in the crow’s nest, not a rowboat docked to the back of a ship! (thanks @PersonalC0ffee)

Recommendation –

a hint, or piece of advice to someone on how to approach a problem or task
Commendation - a reward for completing a task, usually awarding Doubloons

Right –

a direction, as indicated by your right hand – the one a lot of people write with…
Left - we all get a little confused sometimes when shouting out orders to our crew! (thanks to @cptn-time and @WAW-Gunn for this and left)

Shouthole –

an opening on someone’s face, where one is able to loudly communicate with another Pirate, Skeleton, or perhaps the odd snake when they decide to spit at you! (thanks to @Thor-von-Blitz for creating this one)
Speaking Trumpet - a device that looks very much like a cone with a handle, used to extend the hand of friendship to other Pirates… or to just shout at people… whatever floats your Galleon!

Skary Fort –

a structure, usually made of wood, that instils fear in those who may not have approached one before. Coined by @DevilsTassia
Skeleton Fort - a structure, usually made of wood, that instils fear in those who may not have approached one before! Houses an abundance of Skeletons if there is a large Skull like cloud looming overhead, with great treasure to be had… though there is a chance that it may be contested so come prepared!

Skellington –

a character from Tim Burton’s Nightmare Before Christmas, a jolly chap in a smart suit who loves the idea of Christmas, but with a few issues regarding his background as a Halloween party organiser…
Skeleton - a pile of bones belonging to a deceased animal, though they sometimes don’t always stay down, especially on the Sea of Thieves…

Sleepy Balls –

spherical objects that have become drowsy and in need of a little rest, perhaps in a bed tucked up tightly
Weary Balls - a form of cursed cannonball that will send the players affected by it’s curse to sleep for a moment or two, will work on humans and skeletons alike! (thanks @ScoobyWRX555)

Slip –

a thin vest or dress that a woman may wear as an undergarment
SLOOP - a small ship that houses 1 or 2 players

Slop –

a mix of old food and liquids that can be fed to Pigs, usually in a trough
SLOOP - hard mode for this game, try it at your own risk!

Snuggler’s Bae –

coined by @SirioNDB, this person liked warm fuzzy hugs and has a good partner who will accommodate!
Smuggler’s Bay - a region on the Sea of Thieves known for Rum smuggling before Grog became the popular drink amongst villains. This picturesque island boasts a ring of sand banks enclosing the titular bay, with a wondrous archway allowing access to and from the bay area itself.

Steve’s Haven –

a place where Steve’s are always welcome! No matter how it may be misspelled for a Gamertag! Coined by @SirioNDB
Thieves Haven - an island on the Sea of Thieves in the South of the map. This large landmass has a variety of beaches to explore and boasts a variety of local flora and fauna for the keen Parrot spotter or Skeleton Hunter.

Sticker Jim –

a guy called James who really likes his sticker collection!
Stitcher Jim - a nefarious Pirate with direct links to the Gold Hoarder (THE Gold Hoarder) and who likes to drop a little something “extra” into his crewmate’s Grog…

Vulcano –

a derivative of the word Vulcan - a race of logical beings from Star Trek
Volcano - a mountain of hatred, spewing bile and toxicity at all... sorry no that's something else... spewing LAVA and FLAMING ROCKS at all who come into contact

So what do you think folks? There is more out there for me to add – send me your best ones in a comment and I will add to the main post!
Have fun remembering the best one-liners you accidentally spat out!