@Elad Meidar, I like your question and I found a solution:
SELECT SUM(total_count) as total, value
FROM (
SELECT count(*) AS total_count, REPLACE(REPLACE(REPLACE(x.value,'?',''),'.',''),'!','') as value
FROM (
SELECT SUBSTRING_INDEX(SUBSTRING_INDEX(t.sentence, ' ', n.n), ' ', -1) value
FROM table_name t CROSS JOIN
(
SELECT a.N + b.N * 10 + 1 n
FROM
(SELECT 0 AS N UNION ALL SELECT 1 UNION ALL SELECT 2 UNION ALL SELECT 3 UNION ALL SELECT 4 UNION ALL SELECT 5 UNION ALL SELECT 6 UNION ALL SELECT 7 UNION ALL SELECT 8 UNION ALL SELECT 9) a
,(SELECT 0 AS N UNION ALL SELECT 1 UNION ALL SELECT 2 UNION ALL SELECT 3 UNION ALL SELECT 4 UNION ALL SELECT 5 UNION ALL SELECT 6 UNION ALL SELECT 7 UNION ALL SELECT 8 UNION ALL SELECT 9) b
ORDER BY n
) n
WHERE n.n <= 1 + (LENGTH(t.sentence) - LENGTH(REPLACE(t.sentence, ' ', '')))
ORDER BY value
) AS x
GROUP BY x.value
) AS y
GROUP BY value
Here is the full working fiddle: http://sqlfiddle.com/#!2/17481a/1
First we do a query to extract all words as explained here by @peterm(follow his instructions if you want to customize the total number of words processed). Then we convert that into a sub-query and then we COUNT
and GROUP BY
the value of each word, and then make another query on top of that to GROUP BY
not grouped words cases where accompanied signs might be present. ie: hello = hello! with a REPLACE