I assume a literal translation would be something like, "I do not suffer suffering gladly," while "jeg kan lide det" means "I suffer it gladly."
Suffer in English is like an old fashioned way to say you like something. "I don't suffer fools gladly"
First "lide" means "care for", or "like", or "enjoy":
• kunne lide » | like | - I like her • kunne lide » (~holde af) | be fond of | - We are very fond of her • kunne lide » (~nyde) | enjoy | - He enjoys her company
Meaning the person in question doesn't enjoy suffering.
The second "lide" means "to suffer":
• lide » | suffer | - She suffered a lot when she was ill
BUT ... to answer you question more simple: Both are supposed to be pronounced [ˈli·ðə] - or to be more specific the second pronunciation of "lide".
The first pronunciation is more common and everyday speak. I don't think you'll find anyone, except perhaps the royal family, pronounce the whole word.