Is it Bay-jing? Or Bay-zhing, as some American broadcasters are inclined to say it? Below, you'll find the answer according to Two Chinese Characters, a video team composed of Carsey Yee from China, and John B. Weinstein who teaches Chinese at an American university. Give a watch. It's intentionally campy and amusing. And for more from Yee and Weinstein, check out their piece on the other Chinese cities helping host the 2008 games.
PS: If you're looking to learn Chinese for free, check out our many Mandarin and Cantonese lessons in our Foreign Language Lesson Podcast Collection.