Which is correct, "alright" or "all right"?

If "altogether" and "already" are accepted words, shouldn't "alright" be as well?

Well, yes and no. These first two are adverbs that vary in both meaning and usage from their respective phrases, "all together" and "all ready." But "alright" is synonymous with, and merely a shortened version of, the phrase "all right." Not to mention the fact that it's only been in use for about a century.

With that being said, though style guides weigh in mostly against it, "alright" is considered legitimate by some dictionaries and is growing in acceptance. And if you ask me, that's all right.