The spelling of the word "SREET" is incorrect. The correct spelling is "STREET" /striːt/. The IPA phonetic transcription for this word is /s/- voiceless alveolar sibilant, /t/- voiceless alveolar plosive, /r/- voiced alveolar approximant, /iː/- long vowel sound, /t/- voiceless alveolar plosive. The mistake in spelling might have been caused by confusion between the letters 'ee' and 'ea'. It is essential to spell words correctly as it affects communication and understanding.