I (and my mates) in UK prounounce Salve with a long "A" and with the "L" but running into the "V" rather than a separate sound. This is how I have always heard it. I bow to NicholasW's superior knowledge but the root (and some dictionaries) suggest to me that the "l" should be sounded.
salve \Salve\ (?; 277), n. [AS. sealf ointment; akin to LG. salwe, D. zalve, zalf, OHG. salba, Dan. salve, Sw. salfva, Goth. salb[=o]n to anoint, and probably to Gr. (Hesychius) ? oil, ? butter, Skr. sarpis clarified butter. [root]155, 291.] 1. An adhesive composition or substance to be applied to wounds or sores; a healing ointment. --Chaucer.

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