The easiest way would be to do it dynamically using the Adwords {keyword} tag. It's not necessarily a good idea to do this though as you are potentially sending the data to the merchant to read and steal your best keywords. Of course the keywords will be in their logfiles anyway though, which they can then easily track to conversions.
Unless you totally trust the merchants you promote, it's perhaps best to send the traffic to your own URL first, with a redirect on to the affiliate network. That way you can strip the referer information or add fake referer. The problem is that affiliate managers like to know where their traffic is coming from (and rightly so). With a bit of thought there is probably an ideal solution. Personally I would send the traffic to a comparison page on my own site, as you can then promote 2 or more merchants selling the same product.
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