I pronounce Loughborough as Loogabarooga. In my head, of course.

Others I've come across over the years, some in Wodehouse, some not:

Featherstonehaugh --> Fanshawe

Cholmondeley --> Chumley

Mainwaring --> Mannering

Wickhammersley --> Wickumsly

Menzies --> Mingis

The last immortalized in the limerick:

  A lively young damsel named Menzies
  Inquired "Do you know what this thenzies?"
  Her aunt with a gasp
  Replied "It's a wasp!"
  "And you're holding the end where the stenzies"

http://hull-awe.org.uk/index.php/Menzies