Hmm... V.O.I.P. seems like too much of a mouthful. I say voyp. Seems to me like acronyms are about evenly mixed between pronounced as "spelled out" and pronounced as a word.

---- A Woofer in Tweeter's Clothing... M60s, VP150, QS8s, EP350 Onkyo TX-SR702, Denon DVD-3910