1. A content addressable memory, comprising: a plurality of memory storage locations, each having an associated indicator for indicating that the memory storage location is available for data storage and an associated match line for indicating if a search word matches a word stored in the memory storage location; a first selector circuit for selecting one of the indicators and match lines associated with each of said plurality of memory storage locations; and a priority encoder having a plurality of inputs and operable in a first mode where said first selection circuit respectively couples said match lines to said plurality of inputs to indicate a priority match on said match lines and in a second mode where said first selection circuit respectively couples said indicators to said plurality of inputs to indicate a priority storage location available for data storage.