The word "GAID" refers to a type of fishing net used in Scotland. The phonetic transcription of this word in IPA (International Phonetic Alphabet) is /ɡeɪd/. The first sound "g" is a voiced velar stop sound, similar to the "g" in "go". The second sound "eɪ" is a diphthong, pronounced as "ay" in "day". Lastly, the sound "d" is a voiced alveolar stop sound, like the "d" in "dog". Hence, the correct spelling of this word is "GAID" and its phonetic transcription is /ɡeɪd/.