Well, you'll want a control with these major features:
- Automatic layout of variable sized string snippets
- Automatic mouse hit testing
Those are a bit hard to come by in WF controls. A RichTextBox with ReadOnly = true gives you the automatic layout, but not the hit testing. A ListBox with DrawItem can give you variable sized strings and hit testing, but not a natural layout.
I think I would use RTB and make hit testing work with the MouseDown event and GetCharIndexFromPosition(), reading back the tag at the clicked location. You'll need a bit of logic to find the starting and ending white space around the word.