Edit only what is in red. Any words contained there will be replaced by *'s. The words in the list should be separated by a period as shown.

Code:
on *:INPUT:*:{
  if (/* !iswm $1 && !$ctrlenter) {
    haltdef
    var %text = $1-
    var %badtok = [color:red]word1.word2.wordN[/color]
    var %i = 1, %l = $numtok(%badtok,46)
    while (%i <= %l) {
      if ($istok(%text,$gettok(%badtok,%i,46),32)) {
        var %target = $gettok(%badtok,%i,46), %targlen = $len(%target)
        var %occurs = $findtok(%text,%target,0,32), %j = 1
        while (%j <= %occurs) {
          %text = $reptok(%text,%target,$str(*,%targlen),1,32)
          inc %j
        }
      }
      inc %i
    }
    msg $target %text
  }
}