"Raene" is a name that can be pronounced as either /reɪn/ or /ri:n/. The first transcription, "reɪn", indicates that the first syllable is supposed to be pronounced like the English word "ray". The second transcription, "ri:n", indicates that the first syllable has a longer vowel sound, similar to the word "reen". As for the spelling of "Raene", it's likely a variant of "rain" that ended up being spelled differently for artistic or personal reasons.