need a smart lookup on mutliple values within 1 cell

Hi,
any guidance, suggestions, etc. would be much appreciated . . .
I am using Excel 2007
I have column(s) of data with numerous values in each cell
Values are separated by a space
Values are of varying length
Number of values within each cell varies from 1 to n
Number of unique combinations within cell is large (ridiculously)

sample DATA
:4 BLD LONGER Y5
BLD Z6 BGHR
BLD Z6 BGHR :4 BLD LONGER Y5

Read each value in cell
For each value, perform lookup for type
Return type
Even though there are a large number of different values, there are only 4 types

Lookup Type
:4 D
BGHR O
BLD N
LONGER E
Y5 D
Z6 N

Interim
D N E D
N N O
N N O D N E D

If possible, do not return mutliple values of same type
If possible, return type values in same order

Desired
D N E
O N
D O N E