Lojban itself is pronounced LOZH-bahn (with the zh like the s in leisure, and the o as in boat.)
The Lojban ASCII orthography:
Note 2: The preferred form of "o" does not occur in English. The French "haute" and Spanish "como" both contain it. The nearest GA equivalent is the "o" of "dough" or "joke", but without any off-glide (w sound). RP speakers may have trouble with this sound. An allowed variant (especially before "r") is a shortened form of the "aw" in GA "dawn" (or the "o" in "Don"). RP speakers will find this in the "o" of "hot". [see note 3]
Note 3: These explanations are taken wholesale from The Complete Lojban Language. I recommend you see Chapter 3 of it for more detailed explanations. GA = General American dialect, RP = Received Pronounciation of (British) English.
Q: No h, no q, no w?
A: No, those letters aren't used. Some use h instead of the apostrophe, because they think it looks better or because a computer won't take an apostrophe, but the standard is the apostrophe.
A: "q" is ambiguous, and "w" is subsumed into the diphthongs. (Perhaps someone should include those?) The phonemes /k/ and /q/ are both spelled as k, and q as in /kw/ is spelled as k then a dipthong beginning with u
What do you mean by /q/, a rounded /k/ or something else?
Here are the dipthongs:
When exactly one of two consecutive vowels is "i" or "u", it becomes a glide, equivalent to English "y" and "w" respectively. For example, "vau" is pronounced similarly to English "vow". If each of the vowels is "i" or "u", the first one becomes the glide, i.e. "iu" is pronounced like "you" and "ui" like "we". If no such combination arises, there is no dipthong, and each vowel must be sounded separately (this is rarely seen because lojban uses the ' as a separator in most of these cases).