Most ludicrous TV-edit I've ever seen was the entirety of Brazil, which the studio attempted to make a romantic comedy out of, over Gilliam's strenuous objections.

But I think my favorite TV-edit was in Young Frankenstein, where Teri Garr's line "He must have an enormous schwanstucker" is badly dubbed (and I suspect the obvious dubbing was deliberate) to "He must have an enormous personality".