Because I'm Swedish. Pronounciation differs. It's always hard to describe pronounciation in English, since it has a different phonetic image and is quite inconsistent too.
But actually, if I'm supposed to pronounce it correctly according to Swedish standards then it should be more like lool. It should really be spellt loll for it to be pronounced the way I do, but who cares, it sounds better as short and distinct.
I never say pwned though. But I use the Swedish word "ägd", which means the same thing.