The spelling of the word "ITIME" is uncommon and may cause confusion. The correct pronunciation is /aɪ taɪm/. The "I" represents the long vowel sound /aɪ/ and the word is written as one word. The phonetic transcription helps to clarify the pronunciation and emphasizes the importance of proper spelling. While the word "ITIME" might not be a common word, it's important to remember to pay attention to proper spelling to ensure clear communication in written text.