How do you select multiple words using a Magic Trackpad?

I know how to select multiple words with my mouse, but cannot figure out how to do it using my new Magic Trackpad. Here's the deal:

Let's say you want to select "cannot figure out how to" in the sentence above. With my mouse, I'd place the cursor somewhere over the word "cannot," double-left-click and keep holding the button down. Then, dragging to the right, it would select each word in its entirety as I moved along the sentence. I do this all the time since it is a very quick way to select text.

Okay, so how do you do this with the Magic Trackpad?

I try a similar behavior, but it doesn't work. If I double-tap on "cannot," for example, one of two things happens. Either only the word "cannot" is highlighted and dragging does nothing to highlight more text. Or, if I'm quicker with the drag (aka swipe) right, it will select one character at a time starting from the cursor position when I double-tapped and not entire words, as I want.

I'm stumped. Anyone?