What is it called?

[MNGuy]

When you take a famous quote, and change it. For example:

'What we got here is... failure to communicate.'

to

'What we got here is... failure to execute.'

It's not paraphrasing, but I'll be damned if I can remember what it is called.

Brain cell #47-1236-45691-24563 died in a night of drinking in college.

 

[BlackShanglan]

It is called paraphrasing if the general meaning is the same but the wording is different. If the change in wording is accidental, it's misquotation. If the change in wording is deliberate, as a sort of play on a well-known phrase, then one might call it an allusion to the original phrase.