>leftenant

there's some folksy etymology goin' on here:

In English the word is pronounced /lɛf'tɛnənt/,[1] except in American English in which it is pronounced /lu'tɛnənt/. However, the Royal Navy and other Commonwealth navies traditionally pronounced the word as /lə'tɛnənt/. The American pronunciation was originally the same as the British,[2] but by the end of the 19th century had almost completely been replaced by the current pronunciation.

In Canada and New Zealand /lɛf'tɛnənt/ is standard for all branches of the Armed Forces and for other usages such as lieutenant governor or Quebec lieutenant. Australia follows the British system, with the Royal Australian Navy officially using the /lə'tɛnənt/ pronunciation.

The English pronunciation was prevalent during the 14th and 15th centuries with the word being variously spelled as lieftenant, lyeftenant or luftenant. It may have originated from a mistaken reading of the 'u' as a 'v' (u and v originally were written as the same letter), with v eventually assimilating in voice to /f/. Something similar happened in Greek, and British education on the Greek classics may have also encouraged the pronunciation. Some sources state that the original French word lieu (i.e. "place", since "lieu tenant" literally means "place holder" in old French) had an alternative form spelt and pronounced lieuf, and that the most common modern form retains the former spelling 'Lieutenant' and the latter pronunciation, 'Leftenant'.

It has also been speculated that it may have come from a fanciful etymology which associated it with the verb 'to leave', as the lieutenant only took up his duties once his superior officer had 'left'.

Another theory comes from the fact that in typical propriety the person or persons standing to the rear-left of a gentleman held power and were typically those directly second to him. The person or persons standing to the rear-right were considered to have no or less standing than those to the rear-left, such as aides, bodyguards, wives, etc., often holding this position for simple facility rather than societal importance. This tradition remains in military parades, with lieutenants standing to the rear-left of the commanding officer (when facing the advance).
- wiki