Vocabulon allows you to reconstruct conserved words that appear in DNA sequence with a certain frequency. The algorithm is based on a dictionary model description of DNA sequence and can be use both as a tool for de novo discovery of motifs, as well as for the localization of known motifs in DNA sequence. Generally speaking, dictionary models are useful when one is interested in localizing and reconstructing a large number of motifs.
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Sabatti, C., L. Rohlin, K. Lange, and J. Liao (2005)
Vocabulon: a dictionary model approach for reconstruction and localization of transcription factor binding sites,
Bioinformatics 21: 922-931.