Perhaps something like the following would work for you:
a <- c("hi come asap, the show is awsome", "I am suffering from cold")
d <- c("asap", "awsome", "cold", "lol", "rofl")
d[d %in% gsub("[[:punct:]]", "", unlist(strsplit(a, " ")))] <- " "
d
# [1] " " " " " " "lol" "rofl"
Or, the opposite way:
a <- c("hi come asap, the show is awsome", "I am suffering from cold")
d <- c("asap", "awsome", "cold", "lol", "rofl")
gsub(paste(d, collapse = "|"), " ", a)
# [1] "hi come , the show is " "I am suffering from "