10. A method for facilitating key phrase processing, comprising: employing a processor operatively coupled to memory to execute the key phrase processing, comprising: obtaining data from at least one search query log; extracting key phrases from the search query log data; and breaking individual queries into key phrase vectors to provide query breakup information, the breakup information for each key phrase is based at least in part on a function of the frequency of each key phrase and the number of words in each key phrase; generating a key phrase Co-occurrence Graph utilizing the query breakup information; pruning edges with a weight less than a first threshold number from the Co-occurrence Graph; pruning nodes and the associated edges which have less than a second threshold number of edges from the Co-occurrence Graph; determining top K edges for each node of the Co-occurrence Graph, where K is an integer from one to infinity; removing edges from the Co-occurrence Graph except for the edges fall into the top K of at least one node; creating a Similarity Graph from remaining key phrase nodes of the Co-occurrence Graph; determining edges for the Similarity Graph; determining top E edges by edge weight for each node in the Similarity Graph, where L is an integer from one to infinity; and removing edges from the Similarity Graph except those that fall into the top E edges of at least one node; and outputting the Similarity Graph to facilitate applications that utilize similarities between key phrases.
12. The method of claim 10 the method further comprising generating advertising related items from the Similarity Graph.