Is it possible to read words a person thinking about via EEG headsets? There are now a number of EEG headsets that can capture bran signals and give you raw EEG data from brain. EPOC Emotiv is one the famous one with I guess 14 channel. Now as the title of this post reads, my question is if it is really possible to analyze the raw data and print out what the person is trying to say without speaking? There is a difference between it's not possible and it's too hard to extract the data. From my understanding so far, the signals are different from person to person so perhaps there could be a training program so that the person can train it as to what word he or she meant and the program later can detect the meaning of that particular signal. Is this really possible? If it's hard, how hard it is?
What Christiaan says true. It is sheer impossible. However, there is technology that cán "see your mental pictures". In a TED-talk by Mary-Lou Jepsen she explains how fMRI and machine learning algorithms are used to recreate viewed or imagined videos from brain activity. It is a really neat TED-talk and definitely worth watching. 

What is possible using EEG is to make a Brain Computer Interface. I discussed this topic briefly in another question (Brain-computer interface with EEG: how to name imaginary movement of a non-self object?). Hopes these answers help you somehow.