Recently I came across an interview question to create a algorithm in any language which should do the following
Try to think of special data structure to approach this kind of problems. In this case special kind of tree like trie to store strings in specific way, very efficient. Or second way to build your own solution like counting words. I guess this TB of data would be in English then we do have around 600,000 words in general so it'll be possible to store only those words and counting which strings would be repeated + this solution will need regex to eliminate some special characters. First solution will be faster, I'm pretty sure.
http://en.wikipedia.org/wiki/Trie
here is implementation of tire in java
http://algs4.cs.princeton.edu/52trie/TrieST.java.html