What is the commonly accepted pronunciation of FAQ?

Solution 1:

I believe that the more common one is "fæk". According to Wikipedia:

Since the acronym FAQ originated in textual media, its pronunciation varies; "fack," "fax," "facts," and "F.A.Q." are commonly heard.

Wikipedia's sources are the Jargon file and FAQs about FAQs.

Solution 2:

I have only ever heard it pronounced 'Eff Ay Que'.

However it does seem to be one of those phrases that will never have a 'proper' pronunciation.