21. An article of manufacture comprising a storage device in the form of a memory or a computer readable disk, the storage device comprising programming instructions for identifying phrasal terms in a text, the programming instructions when executed causing a processing system to carry out steps comprising: receiving a text having a plurality of words; determining a plurality of context, wherein a context comprises one or more words proximate to another word in the text; for each context, determining a first frequency based on a number of occurrences of the context within the text; assigning a first rank to at least one context based on the first frequency for the at least one context; determining multiple word-context pairs; for each word-context pair, determining a second frequency based on a number of occurrences of the word associated with the word-context pair being used in the context; assigning a second rank to at least one word-context pair based on the second frequency for the at least one word-context pair; determining a rank ratio for each word-context pair based on the first rank and the second rank associated with the word-context pair; determining a mutual rank ratio based on multiple rank ratios; and identifying a phrasal term based on the mutual rank ratio.
21. An article of manufacture comprising a storage device in the form of a memory or a computer readable disk, the storage device comprising programming instructions for identifying phrasal terms in a text, the programming instructions when executed causing a processing system to carry out steps comprising: receiving a text having a plurality of words; determining a plurality of context, wherein a context comprises one or more words proximate to another word in the text; for each context, determining a first frequency based on a number of occurrences of the context within the text; assigning a first rank to at least one context based on the first frequency for the at least one context; determining multiple word-context pairs; for each word-context pair, determining a second frequency based on a number of occurrences of the word associated with the word-context pair being used in the context; assigning a second rank to at least one word-context pair based on the second frequency for the at least one word-context pair; determining a rank ratio for each word-context pair based on the first rank and the second rank associated with the word-context pair; determining a mutual rank ratio based on multiple rank ratios; and identifying a phrasal term based on the mutual rank ratio. 30. The article of claim 21 , wherein the rank ratio for each word-context pair is determined to be the first rank associated with the word-context pair divided by the second rank associated with the word-context pair.