The real killer is the allowed capitalization of any letter. If we assume that the average word length will be 6 characters, then we can assume that the average character length of any 12 word string will be 72 (not counting spaces).
With capitalization, the permutations act like a bit string. That is, the capitalization is either on or off. This gives us 2^72.
The resulting hash space is somewhere near (1000 choose 12) * (2^72) * (95 choose 5), or roughly 2^188.
http://www38.wolframalpha.com/input/?i=%281000+choose+12%29+...
The real killer is the allowed capitalization of any letter. If we assume that the average word length will be 6 characters, then we can assume that the average character length of any 12 word string will be 72 (not counting spaces).
With capitalization, the permutations act like a bit string. That is, the capitalization is either on or off. This gives us 2^72.
The resulting hash space is somewhere near (1000 choose 12) * (2^72) * (95 choose 5), or roughly 2^188.