Good point. I was going for SQL-Lite. But being wrong (and hearing enough people say "lie-nux" [and to be clear, I am not mocking ... we read things and form our own pronunciation because we often don't hear them said] ...) I decided to google it.
As an aside, to follow Linus' pronunciation, it is Lee-nucks, from the Finnish way of pronouncing "Linus." Americans are used to a different pronunciation of the same name and thus generally adopted a different way of saying "Linux."
This isn't necessarily authoritative or well researched, but it appears that S-Q-L-Lite is correct: http://blog.cleverly.com/permalinks/247.html