It is descended from Old English wé, which was pronounced something like way in modern English. It is related to German wir, Dutch wij, Frisian wy, and Danish vi.
See also:
... - [[1] (http://www.michigansocialist.net/mcreynolds/texts/about/1999_03-04_nva.html) | "David McReynolds: Socialist Peacemaker"]] - Article by Paul Buhle: Nonviolent ...