The Little Mermaid: (1) When TLM was first put out on video in 1990, a penis can be seen on a pillar-type pole on the castle.
(2) During Eric and Vanessa's wedding sequence, the minister appears like he has an erection.
The Rescuers: For a few frames, a photograph of a topless woman can be seen in a window.
The Lion King: After "Hakuna Matata", once Simba lies down at night, the dust cloud going by spells out 'sex'
Who Framed Roger Rabbit: (1) For a few frames, Jessica Rabbit can be seen with her dress blown up with no underwear
(2) Donald Duck calls Daffy Duck a racial slur (I don't want to say it on the site, even though it's on here a lot)