From the book The Lexus and the Olive Tree:

Pepsi's "Come alive with the Pepsi Generation" was translated into Chinese as "Pepsi brings your ancestors back from the grave."

Frank Perdue's chicken slogan "It takes a strong man to make a tender chicken" was translated into Spanish as "It takes an aroused man to make a chicken affectionate."

The Coca-Cola name in China was first read as "Ke-kou-ke-la," meaning "Bite the wax tadpole" or "female horse stuffed with wax," depending on the dialect. Coke then researched 40,000 characters to find a phonetic equivalent, "ko-kou-ko-le," translating into "happiness in the mouth."

When the Parker Pen people marketed a ballpoint pen in Mexico, the ads were supposed to have read, "It won't leak in your pocket and embarrass you." Instead mistranslation resulted in the ad reading, "It won't leak in your pocket and make you pregnant."

-from a list of Ten Great Global Marketing Mistakes, published in the Sarasota Herald-Tribune, January 19, 1998
Thanks Mark! :)