Yes, this is quite common in subtitles. I seem to remember that in GoldenEye, Xenia Onatopp was subtitled 女上, glossed with furigana オナトップ。
(I will try to dig out a relevant song lyric.)
>Xenia Onatopp was subtitled 女上, glossed with furigana オナトップ
That's hilarious.
There is just absolutely all sorts of fuckery in Japanese on a count of people playing with the language. It's a fun language to play around with.