Saleae is pronounced say-lee-a, with the emphasis (stress) on the first syllable, as in SAY-lee-a. As you may have guessed, our customers tend to come up with their own pronunciations, and that's perfectly okay with us. :)
The word Saleae has no great meaning or significance other than we thought it sounded cool and saleae.com was available. As we brainstormed possible company names, we used the periodic table, so we're fairly sure that selenium was part of the origination. Some have pointed out that no one can spell or say Saleae, so it's therefore not a good name. Some of the time I agree, although Nike, Acura, and Ubuntu have managed to pull through. It's what you do that matters to people in the end.
Mark and I (Joe) actually came up with the name Saleae in 2005 so we could register an LLC for our various entrepreneurial ideas. That was three years before the logic analyzer Saleae really started. Before Logic we worked on a number of side-project ideas involving palm pilots, two MySpace Flash widgets, an exercise add-on for the Nintendo Gamecube (jump=go), a children's video game with an interactive stuffed animal, and a universal remote for your PC. During that time, we decided that we needed to build a great logic analyzer for our own projects if nothing else.