The spelling of the phrase "most cowled" can be explained using the IPA phonetic transcription system. The first sound is the "m" sound, followed by the "ow" sound, which is a diphthong formed by the vowels "o" and "w." The "s" sound is next, followed by the "t" sound. Finally, the word ends with the "k" sound and the "oh" sound, which is formed by the vowel "o" and the consonant "l." Overall, the spelling of "most cowled" accurately reflects its pronunciation.