This doesn't fully answer the question but I think it will give you what you need to get it. Give it a try. Place the following code in a new moudule:
Public Sub FindStrings()
    Dim rng1 As Excel.Range
    Dim rng2 As Excel.Range
    Set rng1 = ActiveSheet.Range("A1")
    Set rng2 = ActiveSheet.Range("A2")
    Dim i As Integer
    Dim j As Integer
    Dim searchVal As String
    For i = 3 To Len(rng2)
        For j = 1 To Len(rng1)
            searchVal = Mid(rng1, j, i)
            If Len(searchVal) < i Then Exit For
            If InStr(1, rng2, searchVal) Then Debug.Print searchVal
        Next j
    Next i
End Sub
In cell A1 put example.net/test
In cell A2 put www.test.com
Result
tes
est
test
UPDATE
I updated the code to search for a minimum of 4 characters instead of 3 (as you mentioned above). Furthermore, I guessed you wouldn't want strings such as www. and .com returned, nor strings with the / or . character. So the code pulls those out as well. Also, it compares every column combination.
Option Explicit
Public Sub CompareStrings()
    Dim Arr As Variant
    Dim i As Integer
    Dim j As Integer
    Dim StartRange As Excel.Range
    Dim SearchRange As Excel.Range
    Dim Counter As Integer
    Dim ComparableRange As Variant
    Dim Comparable As Integer
    Dim Compared As Integer
    Dim SearchVal As String
    Set StartRange = ActiveSheet.Range("A1")
    Counter = 0
    For Each ComparableRange In ActiveSheet.Range("A1:A2")
    Set SearchRange = Range(StartRange.Offset(Counter), Cells(StartRange.Offset(Counter).Row, Columns.Count).End(xlToLeft))
    Arr = Application.Transpose(Application.Transpose(SearchRange.Value))
    Debug.Print "Row " & SearchRange.Row & ":"
        For j = LBound(Arr) To UBound(Arr)
            For i = j + 1 To UBound(Arr)
                For Comparable = 4 To Len(Arr(j))
                    For Compared = 1 To Len(Arr(i))
                        SearchVal = Mid(Arr(j), Compared, Comparable)
                        If InStr(1, SearchVal, ".") = 0 Then
                            If InStr(1, SearchVal, "/") = 0 Then
                                If Len(SearchVal) < Comparable Then Exit For
                                If InStr(1, Arr(i), SearchVal) > 0 Then Debug.Print vbTab & SearchVal
                            End If
                        End If
                    Next Compared
                Next Comparable
            Next i
        Next j
        Counter = Counter + 1
    Next ComparableRange    
End Sub
When comparing test.com/q=age with another.com?q=age You will still get results such as:
q=ag
=age 
q=age 
...though I suspect you only want the third one. The longer the matching strings are the more results you will get. The last results are the ones you will probably want.