public class MainActivity extends Activity {
TextView _tv;
/** Called when the activity is first created. */
@Override
public void onCreate(Bundle savedInstanceState) {
    super.onCreate(savedInstanceState);
    setContentView(R.layout.activity_main);
    _tv = (TextView) findViewById( R.id.textView1 );
    String sentence = "this is [part 1 clickable] and [part 2 clickable] and [part 3 clickable]";
   _tv.setMovementMethod(LinkMovementMethod.getInstance());
   _tv.setText(addClickablePart(sentence), BufferType.SPANNABLE);
}
private SpannableStringBuilder addClickablePart(String str) {
    SpannableStringBuilder ssb = new SpannableStringBuilder(str);
    int idx1 = str.indexOf("[");
    int idx2 = 0;
    while (idx1 != -1) {
        idx2 = str.indexOf("]", idx1) + 1;
        final String clickString = str.substring(idx1, idx2);
        ssb.setSpan(new ClickableSpan() {
            @Override
            public void onClick(View widget) {
                Toast.makeText(MainActivity.this, clickString,
                        Toast.LENGTH_SHORT).show();
            }
        }, idx1, idx2, 0);
        idx1 = str.indexOf("[", idx2);
    }
    return ssb;
 }
}
Edit
public class MainActivity extends Activity {
TextView _tv;
/** Called when the activity is first created. */
@Override
public void onCreate(Bundle savedInstanceState) {
    super.onCreate(savedInstanceState);
    setContentView(R.layout.activity_main);
    _tv = (TextView) findViewById( R.id.textView1 );
    SpannableString ss = new SpannableString("Android is a Software stack");
    ss.setSpan(new MyClickableSpan(), 22, 27, Spanned.SPAN_EXCLUSIVE_EXCLUSIVE);//22 to 27 stack is clickable
    ss.setSpan(new MyClickableSpan(), 0, 7, Spanned.SPAN_EXCLUSIVE_EXCLUSIVE);//0 to 7 Android is clickable
   _tv.setText(ss);
   _tv.setMovementMethod(LinkMovementMethod.getInstance());
}
class MyClickableSpan extends ClickableSpan{ //clickable span
    public void onClick(View textView) {
    //do something
       Toast.makeText(MainActivity.this, "Clicked",
            Toast.LENGTH_SHORT).show();
   }
    @Override
    public void updateDrawState(TextPaint ds) {
       ds.setColor(Color.GREEN);//set text color 
       ds.setUnderlineText(false); // set to false to remove underline
    }
}
}
More info on ClickableSpan http://developer.android.com/reference/android/text/style/ClickableSpan.html
You can also style the spannable string by making it bold , italics or setting font size.
    StyleSpan boldSpan = new StyleSpan( Typeface.ITALIC );
    ss.setSpan( boldSpan, 22, 27, Spannable.SPAN_EXCLUSIVE_EXCLUSIVE );
    StyleSpan boldSpan1 = new StyleSpan(Typeface.BOLD);
    ss.setSpan(new RelativeSizeSpan(3f), 0, 7, Spannable.SPAN_EXCLUSIVE_EXCLUSIVE);//set fontsize
    ss.setSpan( boldSpan1, 0, 7, Spannable.SPAN_EXCLUSIVE_EXCLUSIVE );