When you realize that, phonetically, the z and y are switched in "crazy" GIF

Do you not pronounce it CRAY-ZEE?

That's exactly how I pronounce it.
And ahh now that you wrote it I finally understood

But the 'y' sound you're saying that comes first before the z is the long 'a' sound that's why its pronounced as CRAY-ZEE. If there's no 'y' at the end of the word, it will sound like CRAYZ.
But of course, its just a joke so I'll shut up now.