In American English, the 'v' sound is made by placing the top front teeth gently on the back of the lower lip while exhaling forcefully so that the lips "pop" open. The word 'way' is formed when the mouth forms an 'o' shape and air is expelled while opening the lips and pulling the lips back. (It is pretty hard to explain without showing you - if you want to take a trial from me, I can demonstrate for you on Skype.)

For 'V', you pronounce it as VEEE. The 'E' is slightly dragged and emphasised when you say the alphabet. For 'way', you pronounce it as WEYYY. The 'EY' is slightly dragged and emphasised when using the word. By the way, 'pronounciation' is spelled as proNUNciation. Hope that helped!