* cocaine -> charlie -> bob marley -> bob

* telephone -> dog n' bone -> dog

* friend -> mate -> china plate -> china

see: "The construction involves replacing the common word with a phrase of two or three words, and then in almost all cases, omitting the original rhyming word, in a process called hemiteleia"

from: http://en.wikipedia.org/wiki/Rhyming_slang

I have heard all three of those examples in common use (especially in South Africa)