The word "MLIII" is spelled using Roman numerals, with "M" representing 1000, "L" representing 50, and "III" representing 3. In IPA phonetic transcription, the word would be pronounced as /ɛm el aɪ aɪ/, with the letters pronounced individually as "em," "el," "ai," and "ai." This type of spelling is commonly used in contexts such as dates, book chapter headings, and movie credits to indicate a specific year or chapter number.