The song was originally supposed to be released as a single and a music video was filmed, featuring scenes of the group-iconic Salford Lads Club and surrounding areas being bicycled through by the lads and friends. Because of a reference to "plan a mass murder" in one lyric it was banned from daytime airplay by the BBC because of the then recent Hungerford massacre, so the band decided not to release it in the UK, however it was released in various other regions including North America, Europe, Australia and Japan.
In 2007, the song was re-composed as "Stop Me" with additional lyrics from the song "You Keep Me Hangin' On" by The Supremes by BritishDJMark Ronson using the voice of Daniel Merriweather as the lead. Merriweather admitted in an interview with The Guardian that he was not very familiar with "Stop Me If You Think You've Heard This One" before he recorded Mark Ronson's revised version. He explained: "Mark said, 'I want you to sing on this – it's my favourite Smiths song,' so I listened to it. I'd heard it once before, but I was never a Smiths fan. But I thought it was beautiful." The song was later released as a single on 2 April 2007 on Columbia Records with the shortened name "Stop Me", and featured on the compilation album Version. The music video, released at the same time as the song, features a man who finds a pair of trainers that control him and force him to run along the motorway near the Blackwall Tunnel. This version was released in the United States. The international version featured people crying animated tears, causing some small floods. Live versions such as Mark Ronson / Stu Zender featuring Merriweather—"Stop Me" (Conan O'Brien, NBC, 12 July 2007) have been televised, among others (BBC Radio 1, Jimmy Kimmel Live!).
The single reached number two in the UK Singles Chart, number one in the UK Download Chart and gained considerable praise and reference, as well as controversy from loyal Smiths fans despite its chart success being the highest ever UK chart position for a Smiths song. The music review site ThisisfakeDIY gave the single a 5-star rating, citing that its popularity stemmed from its abstraction from a typical Smiths song, resembling a "sweeping, orchestral pop song with horns to boot … soulful, evocative vocals … a stirring mix". This song was number 80 on Rolling Stone's list of the 100 Best Songs of 2007.
It received a mixed review from musicOMH reviewer, Jenny Cole who remarked that the notion of "discoing up a Smiths track" was a "travesty", and queried that "Morrissey would no doubt hate the idea of someone who has previously worked with Christina Aguilera and Robbie Williams" re-composing his songs. However, despite such reservations, the reviewer remarked that despite its composition "in a mad way it works … Electronic, cheery and danceable, it's really not half bad" but that the addition of The Supremes to the song was "just mad".