Assuming you have a dictionary file, this will work. Give it args like "bed time", and you'll get back "debit me" as well as "bet I'm Ed".

#!/usr/bin/perl

use constant DEBUG => 1;
use warnings;
use strict;

my @val = ('\0', map "[\\0-\\$_]", 1 .. 255);
(my $chars = lc join "", @ARGV) =~ tr/a-z//cd;
my $words = get_words("/usr/dict/words", $chars);

add_words($words, qw(
  a I
  I'm you're he's she's we're they're
  I'll you'll he'll she'll we'll they'll
  I've you've we've they've
  it's that's what's
  isn't can't won't don't doesn't
));


# this populate %anagrams
my %anagrams;
anagrams(frequency($chars), \%anagrams);


sub get_words {
  my ($f, $c) = @_;
  my $l = length $c;
  my @w;

  open F, "< $f" or die "can't read $f: $!";
  while (<F>) {
    chomp;
    next if $l < length or /[^$c]/oi;
    push @{ $w[length]{(frequency(lc))[0]} }, $_;
  }
  close F;

  return \@w;
}


sub add_words {
  my $w = shift;
  push @{ $w->[length $_->[1]]{(frequency(lc $_->[1]))[0]} }, $_->[0]
    for map [ $_, do { (my $x = $_) =~ tr/a-zA-Z//cd; $x } ], @_;
}


sub anagrams {
  my ($str, $len, $out, $tmp, $prune) = @_;
  my $rx = freq_to_rx($str);
  $prune ||= @$words - 1;

  if ($len == 0) {
    for (expand(@$tmp)) {
      warn "  > $_\n" if
        $out->{join " ", sort split ' '}++ == 0 and DEBUG;
    }
    return;
  }

  for (reverse(1 .. $prune)) {
    my $l = $words->[$_];
    for my $w (grep /$rx/, keys %$l) {
      my $p = ($_, $len - $_)[$_ > $len/2];
      push @$tmp, $l->{$w};
      anagrams(remove($str, $w, $len), $out, $tmp, $p);
      pop @$tmp;
    }
  }
}


sub frequency {
  my $s = "\0" x 26;
  my $len = length $_[0];
  ++vec($s, ord($_) - ord('a'), 8) for split //, shift;
  return ($s, $len);
}


sub remove {
  my ($s, $r, $l) = @_;
  my $o = 0;
  vec($s, $o++, 8) -= ord, $l -= ord for split //, $r;
  return ($s, $l);
}


sub freq_to_rx {
  my $rx = join "", @val[map ord, split //, shift];
  qr/^$rx$/;
}


sub expand {
  return @{ +shift } if @_ == 1;
  return map { my $f = $_; map "$f $_", expand(@_) } @{ +shift };
}
[download]

_____________________________________________________
Jeff[japhy]Pinyan: Perl, regex, and perl hacker, who'd like a job (NYC-area)
s++=END;++y(;-P)}y js++=;shajsj<++y(p-q)}?print:??;