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Parlay or parley?

I am quite confused about the correct spelling of parlay/parley. I have the POTC 3 soundtrack and I have ripped an mp3 of the track "Parley". I was wondering for that certain track on the soundtrack, which is the correct spelling for the track name? I know there are two different meanings for the words, but I don't know the definition for each. The soundtrack says it's spelled "Parlay", but here on this wiki, it's spell it "Parley" in the track's article. Which is correct? What's the definition of each word? Unsigned comment by Squiddy22 (talk • contribs).

Parley is a "discussion or conference" from the French parler ("to speak"). Parlay is a "bet or gamble" from the French parole ("words, promises"). Presumably, the intended word was "parley", as it fits the definition used in the films, but it appears as "parlay" in several places, including the Pirata Codex as seen in At World's End - \\Captain Kwenn// Ahoy! 09:01, 20 June 2007 (UTC)
So I assume "Parley" is the correct spelling for the music on the POTC 3 soundtrack? - Squiddy22 14:43, 20 June 2007 (UTC)