This article is from the Frequently Asked Questions for Linux, the Free/Open Source UNIX-like operating system kernel that runs on many modern computer systems. Maintained by David C. Merrill with numerous contributions by others. (v1.0).
A: This question produces an outrageous amount of heated debate.
If you want to hear Linus himself say how he pronounces it, download english.au or swedish.au from ftp://ftp.funet.fi/pub/Linux/PEOPLE/Linus/ SillySounds/. If you have a sound card or the PC-speaker audio driver you can hear them by typing
$ cat english.au >/dev/audio
The difference isn't in the pronunciation of Linux but in the language Linus uses to say, "hello".
For the benefit of those who don't have the equipment or inclination: Linus pronounces Linux approximately as Leenus, where the ee is pronounced as in "feet," but rather shorter, and the u is like a much shorter version of the French eu sound in peur (pronouncing it as the u in "put" is probably passable).