Originally Posted by
alanw
...but I'll bet it's pronounced EYE-BEE-THA, which of course isn't right either.

Right is the way that will be understood; will not prompt snıggers; will not sound pretentious.
Remember: "the water in Majorca doesn't taste quite how it should" from the Heineken advert:
http://www.youtube.com/watch?v=u4VFqbroi1I