The phrase "am with it" is spelled as /æm wɪð ɪt/ in IPA phonetic transcription. This phrase means to understand or be familiar with something. The word "am" is the first-person singular present form of the verb "to be", while "with" means alongside or in agreement with something. "It" is a pronoun that refers to a thing previously mentioned or easily identified. The correct spelling and pronunciation of this phrase are important to ensure clear communication and understanding with others.