The correct spelling of the phrase "lived the past" is /lɪvd ði pæst/. "Lived" is the past tense of the verb "live," which means to exist or reside in a particular place or time. "The" is an article indicating a specific noun, in this case, "past," which refers to the time that has already gone by. The IPA phonetic transcription helps illustrate the proper pronunciation of each phoneme in the word, ensuring that the written form accurately reflects the spoken form.