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:
... Sainte-Marie[?] 1996 David Clayton-Thomas[?] 1996 Denny Doherty[?] 1996 John Kay[?] 1996 Dominic Troiano[?] 1996 Zal Yanovsky 1997 Gil Evans[?] 1997 Lenny ...