There is actually no "lite" word in SQLite. Think of it as SQL-ite. The "ite" is a deliberate connotation to rocks/geology i.e. granite, magnetite, etc. Make of that what you will. This is documented BTW on the SQLite docs.
>[...] I think it should be pronounced "S-Q-L-ite". Like a mineral. But I'm cool with y'all pronouncing it any way you want. :-)