The expanded name for MEK is Methylethyl ketone, no 'Y'. Although, according to IUPAC nomenclature, that's not correct either. It should be called Butan-2-one or 2-Butanone is also usually acceptable.

Despite its somewhat overpowering smell it's fairly safe, no worse than turpentine or acetone, although I wouldn't work in an area where the vapors could concentrate, more for the fact that it has a greater flammability than gasoline if nothing else.