If you have a phrase like:
the cat sat on the mat
in A1, and this formula in B1:
="*"&SUBSTITUTE(A1," ","* *")&"*"
then you will end up with:
*the* *cat* *sat* *on* *the* *mat*
Is that what you want? You can copy the formula down if you have other
phrases in column A. With only a single word in A1, like "test", the
formula will give you "*test*" (without the quotes).
Hope this helps.
Pete