The actual prepared statement read:
"I can't overstress the importance of a great education. Do you know where you end up if you don't study, if you aren't smart, if you're intellectually lazy? You end up getting us stuck in a war in Iraq.">Good thing our President's eloquent speechifying style has never allowed anything like this to happen! (YouTube)
UPDATE: The GOP has a new web ad up attacking Sen Kerry's remarks. See it here.
UPDATE: CNN Political Ticker has notable quotes on the Kerry gaffe.