While not exactly CS related, I think the Wisdom of Crowds wins the title for most misunderstood book hand down. Of the hundreds of times I've seen people use the phrase in print, I think only two or three have been by people who actually understood the book.

Just look at the most recent abomination in the NYT article on trolling:

"Technology, apparently, does more than harness the wisdom of the crowd. It can intensify its hatred as well."

That doesn't even make sense.