Choose a vocabulary set to focus on, for example, food. Put the food related vocabulary words on the board (make sure these vocabulary cards all have the spelling underneath the picture). Have two students to come up to the front of the class. Have them face away from the board so they cannot see the words. These two students will race to see who can grab the selected word fastest.
You, the teacher, select a word, for example, cake. The students in the audience will repeat after you in chorus the spelling of cake. Spell out loud cake and then say cake after spelling it: "C...(repeat)...A...(repeat)...(K)...(repeat)...E...(repeat)...cake...(repeat)!!!!" Upon exclaiming the word cake, the two students will race to grab the correct vocabulary card. Whoever grabs the cake card first wins.
I typically let each pair of students go three times to see who can get the best out of three. However, you can divide the class into teams to play as well. Careful of the placement of the cards on the board. (It might feel unfair if the teacher was only spelling out cards on the left side of the board.)
As a word of caution, this game isn't a great speaking activity. It's just a fun game to help the kids start associating letters with the pronunciation of words.
This game can be used with any vocabulary set and as long as you have the cards prepared, it takes no prep time.