Press your lips together to stop the air, then release. No vocal cord vibration.

Americans pronounce placebo as pluh-SEE-boh (/pləˈsiboʊ/). Stress falls on the second syllable — keep everything else short and quick. You'll hear it in sentences like "The placebo effect is a phenomenon observed in medical trials".
Record yourself saying "placebo" and play it back. The mic stays on your device — nothing's uploaded.
3 syllables, 7 sounds. Tap a syllable to jump to its row, then explore each sound's mouth shape and how it's made.
Press your lips together to stop the air, then release. No vocal cord vibration.

Place the tip of your tongue against the alveolar ridge just behind your top front teeth, the same contact point as /t/, /d/, and /n/. The difference is what happens to the air: for /l/, you let it flow continuously around the <em>sides</em> of the tongue (that's why /l/ is called a lateral). Turn your voice on the whole time. Lips stay relaxed, no rounding or flaring. For the Dark L variant at the end of a syllable, also pull the back of the tongue up and back toward the soft palate.

Relax your lips, jaw, and tongue completely. Drop your jaw slightly and keep the tongue neutral.
The textbook way isn't wrong — it's just not how anyone actually says it.
Stress falls on the second syllable, not the others. Stretch SEE — keep everything else short and quick.
Don't pronounce the first syllable too fully. The unstressed syllable reduces to a schwa — the lazy "uh" sound — in casual speech.