England meet the USA in their Group C opener on Saturday with Fabio Capello's men heavy favourites to beat the Americans and progress from the group.
West Ham defender Spector is relishing being underdogs and admits the main objective for hs side is to qualify for the knockout stages.
"The whole squad is looking forward to South Africa and we are all ready and raring to go," Spector told skysports.com.
"There is massive interest back home in the England game as it is a throwback to the 1950 World Cup game between the two countries. I am sure the game will be a big deal in both countries.
"I think if you look at our group all the teams will feel England are favourites to win it. England first up will be a difficult game, but we will have no pressure on us as we will be underdogs.
"If we play how we can we feel we can nick something from the game with England.
"If you look around the rest of the group anything is possible and our main objective is to get out of the group."
Spector feels England are one of the main contenders to claim the World Cup and believes they have the quality to go all the way in the finals.
"England have got a fantastic side and they are one of five sides that can win the tournament," he said.
"Fabio Capello has done a great job and he has got the players playing well together.
"England have the ability to do well as you just have to look at their attacking prowess.
"They have very few weaknesses and have a lot of strength in depth so they have probably their best chance in years to win the World Cup."
Spector is eager to figure in this summer's finals having missed out in 2006 due to a shoulder injury.
The 24-year-old was a regular in USA's successful qualification campaign and he is excited at playing on football's biggest stage.
"I dislocated my shoulder just before the end of the season in 2006 meaning I was forced to miss the World Cup in Germany," he said.
"I also missed the Olympics in 2008 due to injury so I am keeping my fingers crossed that I will be OK for the World Cup."
USA finished runners-up in last summer's Confederations Cup and Spector hopes his side can continue that success in South Africa.
"We hope we can build on last summer's Confederations Cup campaign when we finished runners-up," noted Spector.
"We beat Spain in the tournament and gave Brazil a real run for their money in the final."
Spector admits they the USA will look at to their star duo Landon Donovan and Clint Dempsey to inspire them at the finals.
"Landon Donovan had a really big impact at Everton and we will be looking the same from him at the World Cup," he added.
"Clint Dempsey has also enjoyed a good season for Fulham and both players are key to our plans."