The correct pronunciation is "double-you dee forty". Anything else is just someone talking fast or with a specific regional dialect (such as in Texas, USA, where people often say "dubya" for "double-you").
I often work with chemicals, and if someone told me to order some "double D forty", I would ask for clarity before placing an order. And if they want to order a "forty double D", I would happily point them to Victoria's Secret.
Colloquially, people use all sorts of shortened forms of words, and often mispronounce words, but I assure you the correct and accepted pronunciation of the water displacing chemical formula WD-40 is "double-you dee forty".