I'm interested in Anguish Languish. I can't link to it due to low post count, but it's the first Google hit. The basic idea is to do a loose homophonic translation of the words so that:
"Moral: Under no circumstances should little girls stop to talk with strangers."
"Mural: Yonder nor sorghum stenches shut ladle gulls stopper torque wet strainers."
Read it aloud to see that it's "sounds" the same. It's a fun idea but there are scant few links on the web about it. Do any of you know of any other projects with a similar bent?