This article is from the Aviation FAQ, by Geoffrey G. Peck geoff@peck.com with numerous contributions by others.
Right Wrong
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Beech[craft] Beach[craft]
Comanche Commanche
descend decend
definitely definately
gauge guage
hazard hazzard
Hobbs (an hour meter) Hobb's, hobbs, Hobbes (as in Calvin and)
Monterey (California) Monterrey (not CA, but Mexico)
propeller propellor
turbulence turbulance
advice (I'd like a bit of ...) advise (please tell me) descend (to lose altitude) decent (proper; in good taste; moral) flare (part of a good landing) flair (with panache) hangar (a place for airplanes) hanger (a place for clothes) it's (contraction for "it is") its (possessive, belonging to it) loose (not fully attached) lose (to misplace or forget; to reduce) roll (aerobatic maneuver) role (part in a dramatic production) yoke (aircraft control) yolk (yellow part of an egg) you're (you are) your (indicating possession)
 
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