Correct spelling, explanation: the adjective nerve-racking is a correct term. It’s an adjective used to describe something that is extremely stressful, anxiety-inducing, or tense. The hyphenated form nerve-racking is the standard usage in English. It’s common for people to use nerve-wracking as well, but nerve-racking is considered the more accepted and standard form. However, it’s worth noting that language evolves, and variations may exist in informal usage.

Definition of nerve-racking:
Adjective, causing stress or anxiety
Waiting for the exam results was nerve-racking, as each passing minute seemed to amplify the anxiety in the room.
The final minutes of the intense basketball game were nerve-racking, with both teams vying for victory in the championship match.

Collocations with nerve-racking:
Some of the most commonly used collocations include:
1. Experience nerve-racking moments: refers to going through or facing situations that are extremely stressful or anxiety-inducing.
The tightrope walker experienced nerve-racking moments as she crossed the narrow wire high above the ground.
2. Nerve-racking situation: describes a challenging or difficult situation that induces stress or anxiety.
Being stranded on the deserted island was a nerve-racking situation, especially as the sun began to set.
3. Nerve-racking performance: refers to a high-pressure situation, such as the opening night of a play, where performers feel intense anxiety.
For the actors, the opening night of the play was a nerve-racking performance, with the audience’s eyes fixed on their every move.
4. Nerve-racking journey: describes a journey or experience that is filled with tension, uncertainty, or danger.
The mountain climbers faced a nerve-racking journey as they ascended the steep and treacherous peaks.

Correct spelling, explanation: the phrase nerve-wracking is commonly used and considered correct in English. While nerve-racking is the more widely accepted and standard form, nerve-wracking is a common variant, and both versions are often used interchangeably. Both phrases convey the idea of something being stressful, anxiety-inducing, or tension-filled. So, whether you use nerve-racking or nerve-wracking, your choice may depend on personal preference or the style guide you follow.