% (echo "ABCDEFGH";echo "abcdefgh") | sed -E 's/([^\s].){3}//'
I put "-E" there for OS X compatibility. Other Unix systems may or may not need it.
Edit: damnitall - brainfart. use this:
% sed -E 's/(([^ ]+ ){3}).*/\1/' <<END the quick brown fox jumps over the lazy bear the blue lion is hungry END the quick brown the blue lion
luddite
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