Edit
The following code will select the word directly under the Mouse
Xaml
<TextBox MouseMove="TextBox_MouseMove"
Text="Google(1) yahoo(2) apple(3) microsoft(4)"/>
Code behind
private void TextBox_MouseMove(object sender, MouseEventArgs e)
{
TextBox textBox = sender as TextBox;
Point mousePoint = Mouse.GetPosition(textBox);
int charPosition = textBox.GetCharacterIndexFromPoint(mousePoint, true);
if (charPosition > 0)
{
textBox.Focus();
int index = 0;
int i = 0;
string[] strings = textBox.Text.Split(' ');
while (index + strings[i].Length < charPosition && i < strings.Length)
{
index += strings[i++].Length + 1;
}
textBox.Select(index, strings[i].Length);
}
}