$(function() {
  // Get the HTML in #hoverText - just a wrapper for convenience
  var $hoverText = $("#hoverText");

  // Replace all spans inside paragraphs with their text
  $("p span", $hoverText).each(function() {
    var $this = $(this);
    var text = $this.text(); // get span content
    $this.replaceWith(text); // replace all span with just content
  });

  // Wrap words in spans AND preserve the whitespace
  $("p", $hoverText).each(function() {
    var $this = $(this);
    var newText = $this.text().replace(/([\s])([^\s]+)/g, "$1<span>$2</span>");
    newText = newText.replace(/^([^\s]+)/g, "<span>$1</span>");
    $this.empty().append(newText);
  });

  // Demo - bind hover to each span
  $('#hoverText span').hover(
    function() { $(this).css('background-color', '#ffff66'); },
    function() { $(this).css('background-color', ''); }
  );
});

<script src="https://ajax.googleapis.com/ajax/libs/jquery/1.11.1/jquery.min.js"></script>
<div id="hoverText">
  <p><span class="kinovar"><span id="selection_index3337" class="selection_index"></span>По f7-мъ часЁ твори1тъ сщ7eнникъ начaло съ кади1ломъ и3 со свэщeю, цrкимъ двeремъ tвeрзєннымъ, и3 поeтъ: Х</span>rт0съ воскRсе: <span class="kinovar">со 
стіхи2. И# по стісёхъ pал0мъ: Б</span>лгcви2 душE моS гDа: <span class="kinovar">И# є3ктеніA. Тaже каfjсма nбhчнаz.</span>
  </p>
</div>

$(function() {
  // Get the HTML in #hoverText - just a wrapper for convenience
  var $hoverText = $("#hoverText");

  // Get the full word the cursor is over regardless of span breaks
  function getFullWord(event) {
     var i, begin, end, range, textNode, offset;
    
    // Internet Explorer
    if (document.body.createTextRange) {
       try {
         range = document.body.createTextRange();
         range.moveToPoint(event.clientX, event.clientY);
         range.select();
         range = getTextRangeBoundaryPosition(range, true);
      
         textNode = range.node;
         offset = range.offset;
       } catch(e) {
         return ""; // Sigh, IE
       }
    }
    
    // Firefox, Safari
    // REF: https://developer.mozilla.org/en-US/docs/Web/API/Document/caretPositionFromPoint
    else if (document.caretPositionFromPoint) {
      range = document.caretPositionFromPoint(event.clientX, event.clientY);
      textNode = range.offsetNode;
      offset = range.offset;

      // Chrome
      // REF: https://developer.mozilla.org/en-US/docs/Web/API/document/caretRangeFromPoint
    } else if (document.caretRangeFromPoint) {
      range = document.caretRangeFromPoint(event.clientX, event.clientY);
      textNode = range.startContainer;
      offset = range.startOffset;
    }

    // Only act on text nodes
    if (!textNode || textNode.nodeType !== Node.TEXT_NODE) {
      return "";
    }

    var data = textNode.textContent;

    // Sometimes the offset can be at the 'length' of the data.
    // It might be a bug with this 'experimental' feature
    // Compensate for this below
    if (offset >= data.length) {
      offset = data.length - 1;
    }

    // Ignore the cursor on spaces - these aren't words
    if (isW(data[offset])) {
      return "";
    }

    // Scan behind the current character until whitespace is found, or beginning
    i = begin = end = offset;
    while (i > 0 && !isW(data[i - 1])) {
      i--;
    }
    begin = i;

    // Scan ahead of the current character until whitespace is found, or end
    i = offset;
    while (i < data.length - 1 && !isW(data[i + 1])) {
      i++;
    }
    end = i;

    // This is our temporary word
    var word = data.substring(begin, end + 1);

    // Demo only
    showBridge(null, null, null);

    // If at a node boundary, cross over and see what 
    // the next word is and check if this should be added to our temp word
    if (end === data.length - 1 || begin === 0) {

      var nextNode = getNextNode(textNode);
      var prevNode = getPrevNode(textNode);

      // Get the next node text
      if (end == data.length - 1 && nextNode) {
        var nextText = nextNode.textContent;

        // Demo only
        showBridge(word, nextText, null);

        // Add the letters from the next text block until a whitespace, or end
        i = 0;
        while (i < nextText.length && !isW(nextText[i])) {
          word += nextText[i++];
        }

      } else if (begin === 0 && prevNode) {
        // Get the previous node text
        var prevText = prevNode.textContent;

        // Demo only
        showBridge(word, null, prevText);

        // Add the letters from the next text block until a whitespace, or end
        i = prevText.length - 1;
        while (i >= 0 && !isW(prevText[i])) {
          word = prevText[i--] + word;
        }
      }
    }
    return word;
  }

  // Return the word the cursor is over
  $hoverText.mousemove(function(e) {
    var word = getFullWord(e);
    if (word !== "") {
      $("#result").text(word);
    }
  });
});

// Helper functions

// Whitespace checker
function isW(s) {
  return /[ \f\n\r\t\v\u00A0\u2028\u2029]/.test(s);
}

// Barrier nodes are BR, DIV, P, PRE, TD, TR, ... 
function isBarrierNode(node) {
  return node ? /^(BR|DIV|P|PRE|TD|TR|TABLE)$/i.test(node.nodeName) : true;
}

// Try to find the next adjacent node
function getNextNode(node) {
  var n = null;
  // Does this node have a sibling?
  if (node.nextSibling) {
    n = node.nextSibling;

    // Doe this node's container have a sibling?
  } else if (node.parentNode && node.parentNode.nextSibling) {
    n = node.parentNode.nextSibling;
  }
  return isBarrierNode(n) ? null : n;
}

// Try to find the prev adjacent node
function getPrevNode(node) {
  var n = null;

  // Does this node have a sibling?
  if (node.previousSibling) {
    n = node.previousSibling;

    // Doe this node's container have a sibling?
  } else if (node.parentNode && node.parentNode.previousSibling) {
    n = node.parentNode.previousSibling;
  }
  return isBarrierNode(n) ? null : n;
}

// REF: http://stackoverflow.com/questions/3127369/how-to-get-selected-textnode-in-contenteditable-div-in-ie
function getChildIndex(node) {
  var i = 0;
  while( (node = node.previousSibling) ) {
    i++;
  }
  return i;
}

// All this code just to make this work with IE, OTL
// REF: http://stackoverflow.com/questions/3127369/how-to-get-selected-textnode-in-contenteditable-div-in-ie
function getTextRangeBoundaryPosition(textRange, isStart) {
  var workingRange = textRange.duplicate();
  workingRange.collapse(isStart);
  var containerElement = workingRange.parentElement();
  var workingNode = document.createElement("span");
  var comparison, workingComparisonType = isStart ?
    "StartToStart" : "StartToEnd";

  var boundaryPosition, boundaryNode;

  // Move the working range through the container's children, starting at
  // the end and working backwards, until the working range reaches or goes
  // past the boundary we're interested in
  do {
    containerElement.insertBefore(workingNode, workingNode.previousSibling);
    workingRange.moveToElementText(workingNode);
  } while ( (comparison = workingRange.compareEndPoints(
    workingComparisonType, textRange)) > 0 && workingNode.previousSibling);

  // We've now reached or gone past the boundary of the text range we're
  // interested in so have identified the node we want
  boundaryNode = workingNode.nextSibling;
  if (comparison == -1 && boundaryNode) {
    // This must be a data node (text, comment, cdata) since we've overshot.
    // The working range is collapsed at the start of the node containing
    // the text range's boundary, so we move the end of the working range
    // to the boundary point and measure the length of its text to get
    // the boundary's offset within the node
    workingRange.setEndPoint(isStart ? "EndToStart" : "EndToEnd", textRange);

    boundaryPosition = {
      node: boundaryNode,
      offset: workingRange.text.length
    };
  } else {
    // We've hit the boundary exactly, so this must be an element
    boundaryPosition = {
      node: containerElement,
      offset: getChildIndex(workingNode)
    };
  }

  // Clean up
  workingNode.parentNode.removeChild(workingNode);

  return boundaryPosition;
}

// DEMO-ONLY code - this shows how the word is recombined across boundaries
function showBridge(word, nextText, prevText) {
  if (nextText) {
    $("#bridge").html("<span class=\"word\">" + word + "</span>  |  " + nextText.substring(0, 20) + "...").show();
  } else if (prevText) {
    $("#bridge").html("..." + prevText.substring(prevText.length - 20, prevText.length) + "  |  <span class=\"word\">" + word + "</span>").show();
  } else {
    $("#bridge").hide();
  }
}

.kinovar { color:red; font-size:20px;}.slavic { color: blue;}#result {top:10px;left:10px;}#bridge { top:10px; right:80px;}.floater { position: fixed; background-color:white; border:2px solid black; padding:4px;}.word { color:blue;}

<script src="https://ajax.googleapis.com/ajax/libs/jquery/1.11.1/jquery.min.js"></script> <div id="bridge" class="floater"></div> <div id="result" class="floater"></div> <div id="hoverText"><p><span class="kinovar"><span id="selection_index3337" class="selection_index"></span>По f7-мъ часЁ твори1тъ сщ7eнникъ начaло съ кади1ломъ и3 со свэщeю, цrкимъ двeремъ tвeрзєннымъ, и3 поeтъ: Х</span>rт0съ воскRсе: <span class="kinovar">со стіхи2. И# по стісёхъ pал0мъ: Б</span>лгcви2 душE моS гDа: <span class="kinovar">И# є3ктеніA. Тaже каfjсма nбhчнаz.</span></p><div class="slavic"> <input value="Works around other tags!"><p><span id="selection_index3737" class="selection_index"></span>(л. рo7з њб.)</p><p><span class="kinovar"><span id="selection_index3738" class="selection_index"></span>Во вт0рникъ вeчера</span> </p><p><span class="kinovar"><span id="selection_index3739" class="selection_index"></span>tдaніе прaздника пaсхи.</span></p><p><span class="kinovar"><span id="selection_index3740" class="selection_index"></span>По f7-мъ часЁ твори1тъ сщ7eнникъ начaло съ кади1ломъ и3 со свэщeю, цrкимъ двeремъ tвeрзєннымъ, и3 поeтъ: Х</span>rт0съ воскRсе: <span class="kinovar">со стіхи2. И# по стісёхъ pал0мъ: Б</span>лгcви2 душE моS гDа: <span class="kinovar">И# є3ктеніA. Тaже каfjсма nбhчнаz.<input value="Works around inline tags too"></span></p><p><span class="kinovar"><span id="selection_index3741" class="selection_index"></span>На ГDи воззвaхъ: поeмъ стіхи6ры самоглaсны, слэпaгw, на ѕ7. Глaсъ в7:</span></p></div>

$(function () {
    function getWordUnderCursor(event) {
        var range, textNode, offset;

        if (document.body.createTextRange) {           // Internet Explorer
            try {
                range = document.body.createTextRange();
                range.moveToPoint(event.clientX, event.clientY);
                range.select();
                range = getTextRangeBoundaryPosition(range, true);
  
                textNode = range.node;
                offset = range.offset;
            } catch(e) {
                return "";
            }
        }
        else if (document.caretPositionFromPoint) {    // Firefox
            range = document.caretPositionFromPoint(event.clientX, event.clientY);
            textNode = range.offsetNode;
            offset = range.offset;
        } else if (document.caretRangeFromPoint) {     // Chrome
            range = document.caretRangeFromPoint(event.clientX, event.clientY);
            textNode = range.startContainer;
            offset = range.startOffset;
        }

        //data contains a full sentence
        //offset represent the cursor position in this sentence
        var data = textNode.data,
            i = offset,
            begin,
            end;

        //Find the begin of the word (space)
        while (i > 0 && data[i] !== " ") { --i; };
        begin = i;

        //Find the end of the word
        i = offset;
        while (i < data.length && data[i] !== " ") { ++i; };
        end = i;

        //Return the word under the mouse cursor
        return data.substring(begin, end);
    }

    //Get the HTML in a div #hoverText and detect mouse move on it
    var $hoverText = $("#hoverText");
    $hoverText.mousemove(function (e) {
        var word = getWordUnderCursor(e);
        
        //Show the word in a div so we can test the result
        if (word !== "") 
            $("#testResult").text(word);
    });
});

// This code make it works with IE
// REF: /programming/3127369/how-to-get-selected-textnode-in-contenteditable-div-in-ie
function getTextRangeBoundaryPosition(textRange, isStart) {
  var workingRange = textRange.duplicate();
  workingRange.collapse(isStart);
  var containerElement = workingRange.parentElement();
  var workingNode = document.createElement("span");
  var comparison, workingComparisonType = isStart ?
    "StartToStart" : "StartToEnd";

  var boundaryPosition, boundaryNode;

  // Move the working range through the container's children, starting at
  // the end and working backwards, until the working range reaches or goes
  // past the boundary we're interested in
  do {
    containerElement.insertBefore(workingNode, workingNode.previousSibling);
    workingRange.moveToElementText(workingNode);
  } while ( (comparison = workingRange.compareEndPoints(
    workingComparisonType, textRange)) > 0 && workingNode.previousSibling);

  // We've now reached or gone past the boundary of the text range we're
  // interested in so have identified the node we want
  boundaryNode = workingNode.nextSibling;
  if (comparison == -1 && boundaryNode) {
    // This must be a data node (text, comment, cdata) since we've overshot.
    // The working range is collapsed at the start of the node containing
    // the text range's boundary, so we move the end of the working range
    // to the boundary point and measure the length of its text to get
    // the boundary's offset within the node
    workingRange.setEndPoint(isStart ? "EndToStart" : "EndToEnd", textRange);

    boundaryPosition = {
      node: boundaryNode,
      offset: workingRange.text.length
    };
  } else {
    // We've hit the boundary exactly, so this must be an element
    boundaryPosition = {
      node: containerElement,
      offset: getChildIndex(workingNode)
    };
  }

  // Clean up
  workingNode.parentNode.removeChild(workingNode);

  return boundaryPosition;
}

<script src="https://ajax.googleapis.com/ajax/libs/jquery/2.1.1/jquery.min.js"></script> 
<b><div id="testResult"></div></b>
<div id="hoverText">   <p><span class="kinovar"><span id="selection_index3337" class="selection_index"></span>По f7-мъ часЁ твори1тъ сщ7eнникъ начaло съ кади1ломъ и3 со свэщeю, цrкимъ двeремъ tвeрзєннымъ, и3 поeтъ: Х</span>rт0съ воскRсе: <span class="kinovar">со стіхи2. И# по стісёхъ pал0мъ: Б</span>лгcви2 душE моS гDа: <span class="kinovar">И# є3ктеніA. Тaже каfjсма nбhчнаz.</span> </p> <div class="slavic"><p><span id="selection_index3737" class="selection_index"></span>(л. рo7з њб.)</p> <p><span class="kinovar"><span id="selection_index3738" class="selection_index"></span>Во вт0рникъ вeчера</span></p> <p><span class="kinovar"><span id="selection_index3739" class="selection_index"></span>tдaніе прaздника пaсхи.</span></p><p><span class="kinovar"><span id="selection_index3740" class="selection_index"></span>По f7-мъ часЁ твори1тъ сщ7eнникъ начaло съ кади1ломъ и3 со свэщeю, цrкимъ двeремъ tвeрзєннымъ, и3 поeтъ: Х</span>rт0съ воскRсе: <span class="kinovar">состіхи2. И# по стісёхъ pал0мъ: Б</span>лгcви2 душE моS гDа: <span class="kinovar">И# є3ктеніA. Тaже каfjсма nбhчнаz.</span> </p><p><span class="kinovar"><span id="selection_index3741" class="selection_index"></span>На ГDи воззвaхъ: поeмъ стіхи6ры самоглaсны, слэпaгw, на ѕ7. Глaсъ в7:</span> </p><p><span class="kinovar"><span id="selection_index3742" class="selection_index"></span>С</span>лэпhй роди1выйсz, въ своeмъ п0мыслэ глаг0лаше: є3дA ѓзъ грBхъ рaди роди1тельныхъ роди1хсz без8 џчію; (л. рo7и) є3дA ѓзъ за невёріе kзhкwвъ роди1хсz во њбличeніе; не домышлsюсz вопрошaти: когдA н0щь, когдA дeнь; не терпи1та ми2 н0зэ кaменнагw претыкaніz, не ви1дэхъ сlнца сіsюща, нижE во џбразэ менE создaвшагw. но молю1 ти сz хrтE б9е, при1зри на мS, и3 поми1луй мS.</p></div></div>

function escapeHtml(unsafe) {
  return unsafe
    .replace(/&/g, "&")
    .replace(/</g, "&lt;")
    .replace(/>/g, "&gt;")
    .replace(/"/g, "&quot;")
    .replace(/'/g, "&#039;");
}

// REF: http://stackoverflow.com/questions/3127369/how-to-get-selected-textnode-in-contenteditable-div-in-ie
function getChildIndex(node) {
  var i = 0;
  while( (node = node.previousSibling) ) {
    i++;
  }
  return i;
}

// All this code just to make this work with IE, OTL
// REF: http://stackoverflow.com/questions/3127369/how-to-get-selected-textnode-in-contenteditable-div-in-ie
function getTextRangeBoundaryPosition(textRange, isStart) {
  var workingRange = textRange.duplicate();
  workingRange.collapse(isStart);
  var containerElement = workingRange.parentElement();
  var workingNode = document.createElement("span");
  var comparison, workingComparisonType = isStart ?
    "StartToStart" : "StartToEnd";

  var boundaryPosition, boundaryNode;

  // Move the working range through the container's children, starting at
  // the end and working backwards, until the working range reaches or goes
  // past the boundary we're interested in
  do {
    containerElement.insertBefore(workingNode, workingNode.previousSibling);
    workingRange.moveToElementText(workingNode);
  } while ( (comparison = workingRange.compareEndPoints(
    workingComparisonType, textRange)) > 0 && workingNode.previousSibling);

  // We've now reached or gone past the boundary of the text range we're
  // interested in so have identified the node we want
  boundaryNode = workingNode.nextSibling;
  if (comparison == -1 && boundaryNode) {
    // This must be a data node (text, comment, cdata) since we've overshot.
    // The working range is collapsed at the start of the node containing
    // the text range's boundary, so we move the end of the working range
    // to the boundary point and measure the length of its text to get
    // the boundary's offset within the node
    workingRange.setEndPoint(isStart ? "EndToStart" : "EndToEnd", textRange);

    boundaryPosition = {
      node: boundaryNode,
      offset: workingRange.text.length
    };
  } else {
    // We've hit the boundary exactly, so this must be an element
    boundaryPosition = {
      node: containerElement,
      offset: getChildIndex(workingNode)
    };
  }

  // Clean up
  workingNode.parentNode.removeChild(workingNode);

  return boundaryPosition;
}

function onClick(event) {
  var elt = document.getElementById('info');
  elt.innerHTML = "";
  var textNode;
  var offset;
  // Internet Explorer
  if (document.body.createTextRange) {
		  elt.innerHTML = elt.innerHTML+("*************** IE **************<br/>");
      range = document.body.createTextRange();
      range.moveToPoint(event.clientX, event.clientY);
      range.select();
      range = getTextRangeBoundaryPosition(range, true);

      textNode = range.node;
      offset = range.offset;
      elt.innerHTML = elt.innerHTML + "IE ok, result: [" + escapeHtml(textNode.nodeName) + "]/[" + escapeHtml(textNode.textContent) + "] @" + offset + "</br>";

  }
  
  // Internet Explorer method 2
  if (document.body.createTextRange) {
		  elt.innerHTML = elt.innerHTML+("*************** IE, Method 2 **************<br/>");
      range = document.body.createTextRange();
      range.moveToPoint(event.clientX, event.clientY);
      range.select();
			var sel = document.getSelection();
      textNode = sel.anchorNode;
      offset = sel.anchorOffset;
      elt.innerHTML = elt.innerHTML + "IE M2 ok, result: [" + escapeHtml(textNode.nodeName) + "]/[" + escapeHtml(textNode.textContent) + "] @" + offset + "</br>";
  }  

  // Firefox, Safari
  // REF: https://developer.mozilla.org/en-US/docs/Web/API/Document/caretPositionFromPoint
  if (document.caretPositionFromPoint) {
		  elt.innerHTML = elt.innerHTML+("*************** Firefox, Safari **************<br/>");  
    range = document.caretPositionFromPoint(event.clientX, event.clientY);
    textNode = range.offsetNode;
    offset = range.offset;
    elt.innerHTML = elt.innerHTML + "caretPositionFromPoint ok, result: [" + escapeHtml(textNode.nodeName) + "]/[" + escapeHtml(textNode.textContent) + "] @" + offset + "</br>";
    // Chrome
    // REF: https://developer.mozilla.org/en-US/docs/Web/API/document/caretRangeFromPoint
  }
  if (document.caretRangeFromPoint) {
		  elt.innerHTML = elt.innerHTML+("*************** Chrome **************<br/>");  
    range = document.caretRangeFromPoint(event.clientX, event.clientY);
    textNode = range.startContainer;
    offset = range.startOffset;
    elt.innerHTML = elt.innerHTML + "caretRangeFromPoint ok, result: [" + escapeHtml(textNode.nodeName) + "]/[" + escapeHtml(textNode.textContent) + "] @" + offset + "</br>";
  }
}

document.addEventListener('click', onClick);

#info {
  position: absolute;
  bottom: 0;
  background-color: cyan;
}

<div class="parent">
  <div class="child">SPACE&nbsp;SPACE Bacon ipsum dolor amet <span>SPAN SPANTT SPOOR</span> meatball bresaola t-bone tri-tip brisket. Jowl pig picanha cupim SPAXE landjaeger, frankfurter spare ribs chicken. Porchetta jowl pancetta drumstick shankle cow spare ribs jerky
    tail kevin biltong capicola brisket venison bresaola. Flank sirloin jowl andouille meatball venison salami ground round rump boudin turkey capicola t-bone. Sirloin filet mignon tenderloin beef, biltong doner bresaola brisket shoulder pork loin shankle
    turducken shank cow. Bacon ball tip sirloin ham.
  </div>
  <div id="info">Click somewhere in the paragraph above</div>
</div>