Song: A Tribe Called Quest "Electric Relaxation" (1993)
Actual Lyric: "Relax yourself girl, please settle down"

This highly controversial hook has been misheard as about 100 different things throughout the ages. In addition to "Peace out Premier," listeners have suggested "Preset plan," and, probably, "Versace Versace Versace Versace." You can even google around and find archives of people debating this particular lyric back in 1994, just a year after the song was released.