I've been reading Greek Mythology and the constalation Lyra is in fact Apollo's lyre not his son's Orpheus.
-- Anonymous User 9/28/2005
I believe that Lyra [ly.ra] is the ancient Greek word for "lyre", a musical instrument. In (standard) modern Greek, this word would most likely be pronounced [li.ra].
In my personal opinion, the modern pronunciation carries a much greater aesthetic quality. The pronunciation [lai.rə] is the modern English pronunciation of this name.
Responding to a much earlier comment, this is, in fact, Orpheus' lyre. He is recognized much more for his use of the lyre even though Hermes created it for Apollo. With his lyre he split open a hole in the ground, walked straight past Cerberus, and carried his dead wife out of the Underworld. In the end everything didn't work out, but that's why it's his lyre.