The correct spelling of the phrase "all the time world" is /ˈɔːl ðə taɪm wɜːld/. The phonetic transcription reveals that the "a" in "all" is pronounced as "ɔː," similar to the "o" sound in "dog." The article "the" is pronounced as "ði" when followed by a vowel sound, as in "ði taɪm." "World" is pronounced as "wɜːld," with the "u" sound being elongated. Thus, understanding the IPA phonetic transcription can facilitate proper spelling and pronunciation.