Now I remember the worst cut I witnessed ever, in Ghostbusters when Bill Murray starts <snip>
There's an even better change in the english version they released for broadcast. There's a scene where EPA guy Peck, the Mayor and the Ghostbusters are arguing over whose fault it is that all the ghosts that were captured just got released. A great line playing off Peck's name got removed and replaced with a longer line comparing him to a rat. What's weird is that they still made a penis joke of a sort (or is that just my dirty mind?), they just didn't follow through with it.
Ray: Everything was going fine until dickless here shut off the power.
Mayor: Is this true?
Peter: Yes, it's true... this man has no dick.
For the sanitized version, replace dickless with 'willywick' and the second half of Peter's line with 'this man is some kind of rodent, we're not sure what kind'.