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.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).