The correct spelling of the phrase "am the running" is actually "I'm the running," with the contraction of "I am". The phonetic transcription of this word is /aɪm ðə ˈrʌnɪŋ/. The apostrophe in "I'm" replaces the missing letter "a" in "am" and the word "the" is pronounced with the voiced "th" sound /ð/. "Running" is pronounced with the stress on the first syllable and the "ing" ending is pronounced as /ɪŋ/.