How can i make a new node title into a taxonomy term? I have a Drupal 7 content type that, when a new instance is created, its title becomes a new taxonomy term in a vocabulary. How can I do this?

Additionally, if the Title is changed, or the node deleted, then the corresponding Vocabulary should be updated accordingly.
This article might help you sort it out with the Rules module.

Otherwise you would have to create your own module and look into the hooks mentioned here.