The correct spelling of the word "Ally Cupcake" is /ˈæli ˈkʌpkeɪk/. The first sound /æ/ is the short "a" sound like in "cat". The second and third sounds are "l" and "y". The fourth sound /k/ is the hard "c" sound like in "cookie". The fifth and sixth sounds are "u" and "p". The seventh and eighth sounds /ke/ are the "kay" sound like in "cake". It is important to spell words correctly to avoid confusion and misinterpretation.