Hahaha, I just learned about this one...
"The Santa Clause" (1994)
The theatrical and original VHS version had a scene with Tim Allen talking to his ex-wife and she gives him the phone number where she'll be spending Christmas. Allen looks at the number and makes the joke, "1-800-SPANK-ME. I know that number."
They had to cut the scene after a couple kids actually called 1-800-SPANK-ME and were redirected to a 900 number phone sex line and racked up over $500 in charges.
Source: http://www.cracked.com/article_22820_6-inappropriate-moments-wisely-cut-from-famous-movies.html (#2)
Scene in question: http://www.youtube.com/watch?v=GspSdNkoD8Q