Keyboard shortcut to correct spelling mistakes

Is there any way for me to get all of the words detected by the standard OS X spelling checker as mistakes, to be corrected to the first available choice using a keyboard shortcut? E.g. I type aqcuired and several words/sentences later I look up from the keyboard and see the typo. Instead of reaching for the mouse or tediously navigating there with the keyboard for a manual correction, I'd like to just hit some key combination and get it to be fixed to the obvious correction acquired... Any solution which is applescript based will also do, since I can easily trigger any applescript from the keyboard (using iKey).