The correct spelling for the phrase "have rip" is /hæv rɪp/. The first word, "have," is pronounced with a short 'a' sound and a voiced 'v' sound. The second word, "rip," is pronounced with a short 'i' sound and a voiceless 'p' sound at the end. The phrase could potentially suggest someone possessing a rip or tear, as in "I have a rip in my shirt." However, without any context, it is difficult to determine the intended meaning.