Question For Nerds And Journalists

While watching a Headline News story about Voice Over Internet Protocol (VoIP) phone services, one of the anchors pronoucned the acronym as if it were a single word: "Voyp."

Personally, I thought this was the stupidest thing I've ever heard. I mentioned this to Joel and he said "voyp" sounds like some weird new sexually transmitted disease.

Shouldn't it be "vee-oh-eye-pee"? I mean (speaking of STD's), I realize that AIDS is pronounced "Aids," but nobody refers to HIV as "Hiv."

So, my question is: What is the proper out-loud pronunciation of VoIP, "voyp," or "vee-oh-eye-pee"? Any assistance in this matter would be greatly appreciated.