select wordcolumn
     , count(*) as occurrences
  from daTable
group
    by wordcolumn
order
    by occurrences desc

create table somewords
( id integer not null primary key identity
, blah text not null
);
insert into somewords (blah) 
values ('a word that appears maximum number of times in a column')
insert into somewords (blah) 
values ('Is it possible to get words from text columns in a sql server database')
insert into somewords (blah) 
values ('This could solve my problem if reffered column contain only single word')
insert into somewords (blah) 
values ('that''s going to require that you split out every word in the column individually')
insert into somewords (blah) 
values ('the query will definitely not be easy to write')
insert into somewords (blah) 
values ('Please read the sticky at the top of the board')
insert into somewords (blah) 
values ('The physical order of data in a database has no meaning')

create table somewords
( id integer not null primary key identity
, blah text not null
);
insert into somewords (blah) 
values ('a word that appears maximum number of times in a column')
insert into somewords (blah) 
values ('Is it possible to get words from text columns in a sql server database')
insert into somewords (blah) 
values ('This could solve my problem if reffered column contain only single word')
insert into somewords (blah) 
values ('that''s going to require that you split out every word in the column individually')
insert into somewords (blah) 
values ('the query will definitely not be easy to write')
insert into somewords (blah) 
values ('Please read the sticky at the top of the board')
insert into somewords (blah) 
values ('The physical order of data in a database has no meaning')
GO

CREATE TABLE UniqueWords (
	  Word varchar(256)
	, WordId int IDENTITY(1,1)
	, Add_Dt datetime DEFAULT (GetDate()))
 GO

CREATE UNIQUE INDEX UnqueWords_PK ON UniqueWords(Word)
GO

CREATE PROC isp_INS_UNIQUE_WORDS
AS
BEGIN
	SET NOCOUNT ON
	DECLARE @Words INT, @Pos INT, @x Int, @str varchar(256)
		  , @word varchar(256), @start int, @end int, @exitstart int
	SELECT @Words = 0, @Pos = 1, @x = -1, @Word = '', @start = 1

	DECLARE myCursor CURSOR FOR SELECT Blah FROM SomeWords
	OPEN myCursor
	FETCH NEXT FROM myCursor INTO @str

	WHILE @@FETCH_STATUS = 0
	  BEGIN
		WHILE (@x <> 0)
			BEGIN
				SET @x     = CHARINDEX(' ', @str, @Pos)
				IF @x <> 0
				  BEGIN 
					SET @end   = @x - @start
					SET @word  = SUBSTRING(@str,@start,@end)
					IF NOT EXISTS (SELECT * FROM UniqueWords WHERE Word = @Word)
						INSERT INTO UniqueWords(Word) SELECT @word
					-- SELECT @Word, @@ROWCOUNT,@@ERROR
					-- SELECT @x, @Word, @start, @end, @str
					SET @exitstart = @start + @end + 1
					SET @Pos   = @x + 1
					SET @start = @x + 1
					SET @Words = @Words + 1
				  END
				IF @x = 0
				  BEGIN
					SET @word  = SUBSTRING(@str,@exitstart,LEN(@str)-@exitstart+1)
					IF NOT EXISTS (SELECT * FROM UniqueWords WHERE Word = @Word)
						INSERT INTO UniqueWords(Word) SELECT @word
					-- SELECT @Word, @@ROWCOUNT,@@ERROR
					-- SELECT @x, @Word, @exitstart, LEN(@str)-@exitstart, @str
				  END
			END
		FETCH NEXT FROM myCursor INTO @str
		SELECT @Words = 0, @Pos = 1, @x = -1, @Word = '', @start = 1
	  END	

	  CLOSE myCursor
	  DEALLOCATE myCursor
	  SET NOCOUNT OFF
	RETURN @Words
END
GO

EXEC isp_INS_UNIQUE_WORDS
GO

SELECT * FROM UniqueWords ORDER BY Word
GO

DROP PROC isp_INS_UNIQUE_WORDS
DROP TABLE UniqueWords, somewords
GO