The spelling of the word "most peeled" can be explained using IPA phonetic transcription. The word is pronounced as /moʊst pild/, with the emphasis on the first syllable. The "o" in "most" is pronounced as an open-mid back rounded vowel, and "peeled" is pronounced with a long "e" sound for the first "e", and a short "i" sound for the second "e". The spelling accurately reflects the pronunciation, with "peeled" spelled as it sounds, and "most" spelled with an "o" that represents its unique sound.
The phrase "most peeled" is not a commonly used phrase in English, so it does not have a specific etymology. However, if you are referring to the phrase "most peeled" in the context of being extremely alert or observant, it is likely a metaphorical extension of the literal meaning of "peeling" something, which involves removing the outer layer or covering. Being "peeled" in this context could imply being highly aware or vigilant, as if one's senses are metaphorically peeled back to the core.