List all taxonomy terms and highlight those associated with the current post

Am wondering if it is possible to list all terms of a taxonomy type, and add a highlight class to those terms which are associated with the current post/custom post type? Perhaps something similar to this solution for achieving the same thing for wp_list_categories:

class KHUC {
		function wp_list_categories ($text) {
			global $post;
			if (is_singular()) {
				$categories = wp_get_post_categories($post->ID);
				foreach ($categories as $category_id) {
					$category = get_category($category_id);
					$category_parent = get_category($category->category_parent);
					$text = preg_replace(
						"/class=\"(.*)\"><a ([^<>]*)>$category->name<\/a>/",
						' class="$1 used-cat"><a $2>' . $category->name . '</a>',
						$text);
					$text = preg_replace(
						"/class=\"(.*)\"><a ([^<>]*)>$category_parent->name<\/a>/",
						' class="$1 used-cat-parent"><a $2>' . $category_parent->name . '</a>',
						$text);
				}
			}
			return $text;
		}
	}