Yeah, I would use javascript...you could store the most frequently used words in a database, print them under the text box when the page loads, and then use javascript...maybe like this:
Here would be your javascript function
function appendWord(word){
var textArea = document.getElementById('textFieldId'); //or what ever ID you gave it
var contents = textArea.innerHTML;
contents = contents + " " + word;
textArea.innerHTML = contents;
}
this would be your link, you would generate these dynamically with PHP when the page loads
<a href='#' onClick="appendWord('probably')">probably</a>