My very first thought is that what you want to do is extremely annoying: You're grabbing the keystream away from the user right while the user is still typing. That's why word processors typically don't do that; they simply mark the (probable) error and let the user do the correction later. I have a "kitchen timer" app that pops up a modal dialog when it goes off, but that dialog accepts keystrokes to set a "pause" time. If I'm typing when it pops up, it steals my input which is extremely annoying twice: Not only does it maybe get set to some pause value and restarted, but the email (or Daniweb comment) that I'm typing into gets whatever is left. Bleaugh.
The other model to think about is how texting apps work: As you type, it displays the word(s) you are probably working on and lets you choose or take the default with a specific keystroke or gesture. This too doesn't back up: It just jumps forward in a manner dependent on the user's actions.
Can you rethink what your intention is?