Have you ever watched the news with closed captioning on? My aunt is deaf, and I remember watching the local St. Louis news with her and alternately cringing and laughing at the live captions coming through. I'm sure doing captions live is quite tough, but according to this article in the New York Times, even taped shows have plenty of mistakes. (Sorry, you have to register to see the article--it is free though.)

Here's an excerpt:

"At times bizarre and clogged with errors, televised closed captions can appear to exist in a parallel universe. What appears on screen is sometimes inadvertently hilarious: a recent reference by the "Today" show host Matt Lauer to the significant other of Prince Charles came out as Camilla Parker Bowels."

(Link from Fresh Hell)