Mad Mike = a bike (a bycicle)
Mad Mick = a pick
Mallee root = a prostitute
Manchester Cities = titties
Marcus Clark = a shark
Mark Foy = a boy
Martin Place = the face
Mickey Mouse = grouse (good/great)
Mickey Mouse = house
Micky Spillane = a game
Mild and meek = the cheek
Mince pies = the eyes
Mince pies = lies
Minnie Mouse = the house
Misbehave = a shave
Molly Maguire = a fire
Mother and daughter = water
Mother Machree = tea
Mother's joy = a boy
Mud and ooze = booze
Mud pies = the eyes
Mum and Dad = mad
Murry Cod = the nod (to give the ok to proceed)
Mutt and Jeff = deaf