Quote Originally Posted by iCake View Post
НЛО is pronounced Энэло.
Yes. The last syllable is stressed: [энэло́].

Quote Originally Posted by bobert View Post
…or just as a single syllable (nlo) as is the case with США?
«США» is often pronounced like [сэшэа́] (3 syllables). «сэ» and «шэ» are alternative, colloquial, names of the letters «эс» and «ша».