Way back when, I had an Atari ST. I had a voice synthesizer for it, and it did quite well converting text to speech. To get it closer, you could spell phonetically, and in that form, Live for speed would be "LIHV FOR SPEED". Kinda made sense. The wrong way would have been "LIYV FOR SPEED", as in "I FEEL ALIYV AND I LIHV AT HOME".
Kimi Raikkonen, Tommi Makinen, Mika Hakkinen or any other Finnish race driver who can't speak proper English would pronounce it leave vorr speet. Something like this: http://youtube.com/watch?v=hnt7ABYwQ5E (and that is a parody sketch but not that far from truth either )