That probably should be "I think it is OK."
I heard someone say this:
I think is ok.
I don't know what he was replying to. Could someone come up with some contexts for when that phrase would be used?
I think Is okay is like a quote because you dont always know so somethi\mes it is okay to say i think
Can I say, I though is ok?
I think it is not OK to say so, but I am not a teacher.
As a stand-alone sentence, the original post is simply not grammatical.
"I think it's okay" is grammatical and common and could be misheard.
I'm not a teacher, but I write for a living. Please don't ask me about 2nd conditionals, but I'm a safe bet for what reads well in (American) English.