Replace Some Words In Cell With Those From Lookup Table

We have a list of typed information (see attached) in which we would like to remove some words and simply replace with a space "". In addition to this: Unfortunately, folks tend to mistype or misspell words, add extra digits, etc, and for those mistakes we would like to replace them with corrections. Therefore, for this problem, we have a Replacement Table and the Subject Data, an example of which is shown in the attachment. I have posted a slightly similar problem on Ozgrid recently:

Replace Words In Cell Matching Those In A List
and in that link, the following UDF was proposed:

Function ReplaceIfInList(rList As Range, rCell As Range, _
strReplacement As String) As String
Dim rLoop As Range

If rCell = "" Then Exit Function
For Each rLoop In rList
If ReplaceIfInList = vbNullString Then
ReplaceIfInList = Replace(rCell, rLoop, strReplacement)
Else
ReplaceIfInList = Replace(ReplaceIfInList, rLoop, strReplacement)
End If
Next rLoop
End Function

This worked great, but at the time i posted this, I did not have the foresight to anticipate the flexibility in what the replacement text would be (the above code always replaces with a ""). THIS new Post is asking the following:

Is there a way to define (or modify the above) User Defined Formula that will analyze the words typed in a cell, which are typically separated by spaces (or on accident, multiple spaces), and essentially use the Replacement Table as a reference for what word to replace with?