I need to isolate one word out of a sentence contained in a text cell

I need to do the following.
Cell A1 contains the text "This is a phrase I am working on"
Cell B1 I need to put there a number showing the word I choose from the phrase (1=first word, 2=second word etc).
Cell C1 In this cell I need to have as result the selected word isolated without spaces.
For example, if I select 3 (third word), the cell C1 should read "a"
I have tried using "find" and "search" and "len" and "substitute" to find how many spaces or how many words are there, but could not achieve desired final result.
Here are the two functions I used so far
=LEN(A1)-LEN(SUBSTITUTE(A1;" ";""))+1 this counts words
=LEN(A1)-LEN(SUBSTITUTE(A1;" ";"")) this counts spaces
Thanks.

Try..

=IF(B1=1,LEFT(A1,FIND(" ",A1)),IF(B1>LEN(A1)-LEN(SUBSTITUTE(A1," ","")),RIGHT(A1,LEN(A1)-FIND("*",SUBSTITUTE(A1," ","*",LEN(A1)-LEN(SUBSTITUTE(A1," ",""))))),MID(SUBSTITUTE(A1," ","*",B1-1),FIND("*",SUBSTITUTE(A1," ","*",B1-1))+1,FIND("*",SUBSTITUTE(A1," ","*",B1))-FIND("*",SUBSTITUTE(A1," ","*",B1-1)))))

It will give last word if count B1 is equal to or gretaer than no. of words

Aaah.. Just one TRIM(..) would do it

=TRIM(IF(B1=1,LEFT(A1,FIND(" ",A1)),IF(B1>LEN(A1)-LEN(SUBSTITUTE(A1," ","")),RIGHT(A1,LEN(A1)-FIND("*",SUBSTITUTE(A1," ","*",LEN(A1)-LEN(SUBSTITUTE(A1," ",""))))),MID(SUBSTITUTE(A1," ","*",B1-1),FIND("*",SUBSTITUTE(A1," ","*",B1-1))+1,FIND("*",SUBSTITUTE(A1," ","*",B1))-FIND("*",SUBSTITUTE(A1," ","*",B1-1))))))

Here is another way:

=TRIM(MID(SUBSTITUTE(A1," ",REPT(" ",100)),1+(100*(B1-1)),100))