The phrase "pulling out it" is commonly used in spoken English. However, in written English, it is incorrect. The correct version of the phrase is "pulling it out." The mistake arises due to the tendency to add an extra word in casual speech. The correct spelling of the phrase is /ˈpʊlɪŋ ɪt aʊt/, with stress on the first syllable of both "pulling" and "out." It is important to ensure correct spelling and pronunciation to avoid confusion in communication.