It’s definitely not “LOO-IS-VILLE” and definitely not a Frenchified “Loo-ee-ville” but instead people keep make sounds like they’re puking up their lunch–I can’t even really transcribe this sound, just that it begins with an L, and you can sort of hear a V somewhere in there, but otherwise it just sounds like the speaker is seriously considering the imminent possibility of spewing up chunks. If you could render the pronounciation in time for the NCAA tournament, I’ll be grateful (just don’t stand too close when you’re explaining it–that sound makes me step back from you a little, just in case.)
LOO-v’l, though I say it more like LOO-uh-v’l.
I thought it was pronounced LUH-vihl with the V almost an F and just a hint of the closing L.
Loo-uh-vuhl.
loow-VEE (French pronunciation).
But people give me funny looks when I pronounce things sometimes, so make of it what you will.
I’d transcribe the puking-up-lunch version as luh-vuhl, two syllables. The more common (at least in Central Kentucky) is loo-a-vuhl, three syllables.
Where are all the French pronunciation advocates when it’s time to pronounce the KY town of Versailles “Ver-sigh”? It’s “Ver-sails”. Louisville is “Loo-uh-vuhl”, pronounced rapidly.
Please imagine a redneck saying “Ver-sigh”. It just doesn’t work. It sets the mullets all a twitter.
Unless it’s Louisville, Colorado. They pronounce the S there.
Indiana has a Ver-sails. LaFontaine, IN is pronounced La fountain there. Another of my favorites is Albany (all Benny), GA.
In Kentucky, it’s Lole-vole
It is a long time since I was there, but that is pretty much how I remember the locals saying it. (It took me a moment to figure out what the hell they were talking about.)
That’s pretty much how my family says it.
(Of course, I am referring to the city in Kentucky. There’s one here in Nebraska, and the folks here pronounce that city’s name as LOUIS-vil.)
I always heard it as LOO-uh-vuhl, except the “uh” is barely pronounced, it’s more like a stop.
There’s also Maryville, which is MUR-vuhl. The “uh” isn’t even there.
Drove through a place one time named Buena Vista. The locals called it BYOO-nee VEEST-ee.
We lived in KY for a couple of years–Hubster was stationed at Ft Knox. I finally found a job in Louisville, and I had plenty of opportunities to experience how the natives pronounced it.
As I explained to friends and relatives in SCal, it sort of rhymes with “Volvo.”
And you have to point your chin towards your chest when you say it.
~VOW
One of my favorites was the varied pronunciations of “Lafayette”. The N. Georgia town is La-Fay-ette, while Louisiana’s town gets a very French sound, of course. Now it’s been so long tat I can’t remember the other pronunciations I’ve come across.
This.
Unless you want to sound like a furriner or some elitist bozo.
Obviously you’re unfamiliar with Versailles, located in one of the richest counties in the state, being full as it is of millionaire horse-farm owners. QEII has stayed at Lane’s End Farm several times, home of Ambassador and horse breeder Will Farrish.
Of course rednecks with mullets can be found anywhere, even in Ohio. 
Also, on topic: Louavull.
It’s a great example of the schwa. LOU-ə-vəl.
Reminds me of the old joke: How do you pronounce the capital of Kentucky, Loo-iss-vill, or Lou-ee-vill?
Frankfort