Python3

grid = "fxie amlo ewbx astu".split()

nrows, ncols = len(grid), len(grid[0])

# A dictionary word that could be a solution must use only the grid's
# letters and have length >= 3. (With a case-insensitive match.)
import re
alphabet = ''.join(set(''.join(grid)))
bogglable = re.compile('[' + alphabet + ']{3,}$', re.I).match

words = set(word.rstrip('\n') for word in open('words') if bogglable(word))

prefixes = set(word[:i] for word in words
for i in range(2, len(word)+1))

def solve():
for y, row in enumerate(grid):
for x, letter in enumerate(row):
for result in extending(letter, ((x, y),)):
yield result

def extending(prefix, path):

if prefix in words:
yield (prefix, path)
for (nx, ny) in neighbors(path[-1]):
if (nx, ny) not in path:
prefix1 = prefix + grid[ny][nx]
if prefix1 in prefixes:
for result in extending(prefix1, path + ((nx, ny),)):
yield result

def neighbors((x, y)):

for nx in range(max(0, x-1), min(x+2, ncols)):
for ny in range(max(0, y-1), min(y+2, nrows)):
yield (nx, ny)