The quickest way I know how to do this is with a query.. Suppose you have your list of words in column A. In cell B2 you can use
=query(A2:A,"select A, count(A) where A != '' group by A order by count(A) desc")
That adds two new columns, a list with the unique words and in the next column the number count of those words sorted highest first.
You can also do it using formulas, but I don't see how it can be done in one step.
At the top of a new column (in my case D) put =unique(A2:A) that wil give you the list of unique words. In the next column put =COUNTIF($A$2:A,D2) and copy that down the list of unique words, that gives you the count of each of the unique words.
In the column after that put =sort(D2:E,2,FALSE) which creates of copy of columns D and E, but sorted in descending order of column E.