> Still to do: decompose each possibility into dictionary words.

This just happens to be similar to something I've been fiddling with recently.

#!/usr/bin/perl -w

my $str = "cowboycatdog";

chomp(my @list = sort { length($b) <=> length($a) } <DATA>);
for my $word (@list){
    my $tmp = $str;
    next unless $tmp =~ s/$word//;
    my @results;
    push @results, $word;
    my @rem = grep ! /^$word$/, @list;
    for my $w (@rem){
        push @results, $w if $tmp =~ s/$w//;
    }
    next if length($tmp);
    push @out, \@results;
}

print "'$str' has the following anagrams:\n\n",
    map "@$_\n", @out;

__DATA__
cowboy
cow
boy
cat
do
dog
[download]

The output looks like this:

'cowboycatdog' has the following anagrams:

cowboy cat dog
cow boy cat dog
boy cow cat dog
cat cowboy dog
dog cowboy cat