So I have noticed many items in SharePoint are getting misspelled by people. Is there an AutoCorrect feature in SharePoint that can be used? I would like something similar to how Word works.
Where are you seeing the incorrect spelling? Lists? Page Content?
Each of these places has a spell check available but it isn't automatic. Some browsers will at least indicate to the user the spelling is wrong and let them know so they can correct it, IE is not one of them though.
You'll see spell check in the ribbon.