With some playing around, I think I'm headed in the right direction, 
thanks to some cumulative thoughts and ideas from previous posters!!

This is working quite well, so far:

var str:String = myRTA.text;
var pattern:RegExp = /\b\w+/gi;
var results:Array = str.match(pattern);
myDGrid.dataProvider = results;

I output this to a DataGrid to see what I'm getting. I'll have to do 
some additional playing, but I don't think that words like 
appl<b>cation</b> will pose a problem. Even if I loose that bolding, 
I'm not concerned, since in my app, that would be an inadvertant 
mistake.

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