I know there are GUI's that show word-diffs in three-way diff, and there are command line tools that show two-way word-highlighting diffs.
But is there a command-line way I can show three-way diffs with word-higlighting the same way that I can get two-way diffs word-higlighted with diff -u a b | dwdiff -u ? 
                        
git diff(which you can use outside a Git repository with--no-index, but that would be a two-way diff) does have word diff (--word-diff, with regex if needed, using--word-diff-regex).See also color-words:
That would be a command-line way to get a word diff.