We say it's aight, as OED added the term into the dictionary, although there's a lengthy list of variations still kicking in the wild such as ay-ight, aiite, and even the occasional aaaaaaaight.
Aight represents a colloquial pronunciation of “all right”. The most common spelling is accomplished by omitting the “ll r” from “all right” and combining the remaining letters.
Slang is a perpetual whirlwind of creativity among the young and avante garde. These groups are constantly breaking new ground with artistic expressions of their lives and the life around them. It’s impossible to be in a hip nightclub, or at a cutting edge art gallery, without the latest slang flying around like confetti.
Check out 20 Examples of Slang Language from YourDictionary.com.
TIP: Infoplease.com shares quick tips on how to become a better speller.