If File | Options | Proofing | "Check spelling as you type" isn't checkmarked, you won't get any red squigglies, no mater howe terible ur typping. ;-)
If you've mistakenly added any previously misspelled words to the dictionary, PPT will no longer see them as typos.
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If it worked before but is now broken across all Office apps, it might be worth a repair.
Control Panel | Programs and Features
Click Microsoft Office to highlight it