Both are acceptable in MSA. In MSA, اود is more wishful than ارید. You are more likely to use it when you think what you want is unlikely to happen, or if you at least have no control over the matter:
اود لو یعیش اهل الارض کلهم فی سلام
I wish all the world could live in peace.
ارید ان آکل الطعام کله
I want to eat all the food.
In Maghrebi Arabic, it is indeed 'bgheet', which is grammatically a past tense. In Egyptian Arabic, it is (2ana) 3aawez/3aayez, which is grammatically an adjective. In Saudi, I believe it would be '2abgha', which is a verb proper.
Hope this helps!