"Blend of Carol and Lee"
The name Carolee is commonly a female name.
Carolee is a twentieth-century American formation that joins the given name Carol with the element Lee, an ending that also appears in other American girls' names of the same period. The first United States birth records for it date from 1917, which fits a modern compound rather than an inherited name with a meaning in an older language. It is not a name with a translated meaning; its parts are the two familiar names.
The pronunciation of Carolee is KARE-uh-lee.