Following is the formula to extract the nth word from the sentence present in the cell A1. Change the value of n in the following formula to extract the word of your choice.
=TRIM(MID(SUBSTITUTE($A1," ",REPT(" ",LEN($A1))), (n-1)*LEN(A1)+1, LEN(A1)))
To extract the 3rd word from the sentence present in the cell A1, the formula should be
=TRIM(MID(SUBSTITUTE($A1," ",REPT(" ",LEN($A1))), (3-1)*LEN(A1)+1, LEN(A1)))