It's pronounced "V." The story goes that the SE-R design team wanted to use the V-Spec designation that the Skyline carries in it's top trim. V-Spec stands for Victory Specification. The Skyline people wouldn't have their name used on the SE-R, so the SE-R guys transposed it to Spec-V, and so it was named.
I'm surprised no one jumped down your throat for not searching. I know this has been discussed before, and Samo hit the nail on the head with the total story behind it. I think its appropriate to close this thread