It’s been done to death, but here it is again.

Someone (though probably not the playwright George Bernard Shaw, who wrote Pygmalion, which later became a musical named My Fair Lady) joked that the word ‘fish’ can be spelled ‘ghoti’.

  1. Take the ‘gh’ from ‘laugh’
  2. Add the ‘o’ from ‘women’
  3. Add the ‘ti’ from ‘nation’

And you get ‘ghoti’, pronounced ‘fish’.

More details at the wikipedia page for ‘ghoti’.