The Collaborative International Dictionary of English v.0.48:

Misconceive \Mis`con*ceive"\, v. t. & i. [imp. & p. p.
   Misconceived; p. pr. & vb. n. Misconceiving.]
   To conceive wrongly; to interpret incorrectly; to receive a
   false notion of; to misunderstand; to misjudge; to
   misapprehend.
   [1913 Webster]

         Those things which, for want of due consideration
         heretofore, they have misconceived.      --Hooker.
   [1913 Webster]

   Syn: To misapprehend; misunderstand; mistake.
        [1913 Webster]

WordNet (r) 3.0 (2006):

misconceive
    v 1: interpret in the wrong way; "Don't misinterpret my comments
         as criticism"; "She misconstrued my remarks" [syn:
         misconstrue, misinterpret, misconceive,
         misunderstand, misapprehend, be amiss]