Yet another way to do it: use regex greed.
words = %w(interspecies interstelar interstate)
j = '='
str = ['', *words].join(j)
re = "[^#{j}]*"
str =~ /\A
(?: #{j} ( #{re} ) #{re} )
(?: #{j} \1 #{re} )*
\z/x
p $1
And the one-liner, courtesy of mislav (50 characters):
p ARGV.join(' ').match(/^(\w*)\w*(?: \1\w*)*$/)[1]