Funny thing with "webwords".  We always see them written and rarely get the chance to her someone say it and have to pronounce it.  I had that opportunity last week.  I said something to my wife about emoticons.  I pronounced it emo.ti.kahn and my wife looked at me a little weird.  She suggested it was pronounced emo.shi.kahn because it was combining of emotion and icon.  Seemingly. Seemingly, to the untrained eye, I can fully understand how you [she] got that impression (Seinfeld quote). 

We did some quick searching and found that emoticon is pronounced emo.ti.kahn and is actually a combination of emotion and console.  :-)

[edit] Looks like someone changed history in Wikipedia.  To get the real history (from what I know) you need to look at the June 5, 2006 entry before it was changed.

Giddy Up!