This paper presents a novel real-time dynamic framework for quantifying time-series structure in spoken words using spikes. Audio signals are converted into multi-channel spike trains using a biologically-inspired leaky integrate-and-fire (LIF) spike generator. These spike trains are mapped into a function space of infinite dimension, i.e., a Reproducing Kernel Hilbert Space (RKHS) using point-process kernels, where a state-space model learns the dynamics of the multidimensional spike input using gradient descent learning. This kernelized recurrent system is very parsimonious and achieves the necessary memory depth via feedback of its internal states when trained discriminatively, utilizing the full context of the phoneme sequence. A main advantage of modeling nonlinear dynamics using state-space trajectories in the RKHS is that it imposes no restriction on the relationship between the exogenous input and its internal state. We are free to choose the input representation with an appropriate kernel, and changing the kernel does not impact the system nor the learning algorithm. Moreover, we show that this novel framework can outperform both traditional hidden Markov model (HMM) speech processing as well as neuromorphic implementations based on spiking neural network (SNN), yielding accurate and ultra-low power word spotters. As a proof of concept, we demonstrate its capabilities using the benchmark TI-46 digit corpus for isolated-word automatic speech recognition (ASR) or keyword spotting. Compared to HMM using Mel-frequency cepstral coefficient (MFCC) front-end without time-derivatives, our MFCC-KAARMA offered improved performance. For spike-train front-end, spike-KAARMA also outperformed state-of-the-art SNN solutions. Furthermore, compared to MFCCs, spike trains provided enhanced noise robustness in certain low signal-to-noise ratio (SNR) regime.