@Zik:
What he's trying to say/ask is if that was the daydream since in the next panel you can see two bubbles around her where she is being called "Hanmock" not to mention Luffy called her Hanmock before they left AL. So it would make sense and be funny…...
In that case I'm not sure. I'm not familiar with techniques used to define perspective in manga. Usually, a rather objective account is used to describe the events taking place. While it is possible that Oda was using perspective, I've never seen Oda use it before though (or any manga-ka, though I do speed-read and would not be aware of such instances). if that is the case Hancock misheard him, it was not a daydream since it clearly happened.
I have three interpretations for the panel:
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Hancock is recalling previous times Luffy called her Hanmock (my original interpretation.)
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Hancock misheard what Luffy said. Which now that I've thourougly analyzed the panels makes more sense.
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Luffy mispronounced Hanmock. Also entirely possible.
In the end there is no clear answer and all interpretations are valid. I'd have to chalk it up to bad panel choreography (or whatever you call it) on Oda's part. Though generally speaking narrator perspective and unrealiable narrator techniques are rarely used in manga (with good reason, as seen here it only causes confusion).
tl;dr We have to wait until we see what Luffy calls Hancock in their next meeting to determine what happened. (In this entirely pointless gag panel.)