9. A computer program product for automatic identification and notification of relevant program defects, the computer program product comprising: a recordable-type computer usable storage medium having computer usable program code embodied therein, the computer usable storage medium comprising: computer usable program code configured to receive a program defect description from a user of a defect database; computer useable program code configured to responsive to determining that the program defect description is new, creating an event record of the program defect description; computer usable program code configured to extract each word and each phrase of the program defect description in sequential order from the program defect description, wherein the each phrase comprises at least two words; computer usable program code for determining whether the each word and the each phrase are included in a defect dictionary on the defect database; computer usable program code for responsive to locating the each word and the each phrase in the defect dictionary, updating the defect dictionary to include the each word and the each phrase from the program defect description; computer usable program code for responsive to the absence of the each word and the each phrase in the defect dictionary, adding the each word and the each phrase to the defect dictionary; computer usable program code configured to search a plurality of defect databases for the each extracted word and the each extracted phrase; computer usable program code configured to responsive to locating at least one defect database among the plurality of defect databases containing the each word and the each phrase, calculating a final word relevancy percentage for the each word and the each phrase, wherein calculating the final word relevancy percentage for the each word and the each phrase further comprises: computer usable program code configured to calculate an initial word relevancy percentage for the each word and the each phrase within the program defect description, wherein determining the initial word relevancy percentage comprises using a record maintained in the defect dictionary, wherein the record indicates relevancy of the each word and the each phrase, wherein determining the relevancy comprises determining how often users use the each word and the each phrase in the defect descriptions; computer usable program code configured to receive a defect database relevancy ranking table, wherein the defect database relevancy ranking table lists each defect database in the plurality of defect databases, wherein the each defect database listed is associated with a relevancy percentage assigned by the user; computer usable program code configured to receive a program component factor table, wherein the user assigns relevancy percentages to each program component based on relevancy to the program defect description, wherein the each program component comprises a set of components in a program; computer usable program code configured to receive source factor percentages assigned by the user to the defect databases, wherein the source factor percentages are percentages assigned by the user depending on whether the defect databases are open source databases or closed source databases; computer usable program code configured to calculate a final word relevancy percentage for the each extracted word and the each phrase using the initial word relevancy percentage, the defect database relevancy ranking table, the program component factor table, and the source factor percentages in the calculation of the final word relevancy percentage for the each word and the each phrase; and computer usable program code for sending relevant defects and the final word relevancy percentage to a program developer to repair the program defect, wherein the program developer utilizes the relevant defects.
9. A computer program product for automatic identification and notification of relevant program defects, the computer program product comprising: a recordable-type computer usable storage medium having computer usable program code embodied therein, the computer usable storage medium comprising: computer usable program code configured to receive a program defect description from a user of a defect database; computer useable program code configured to responsive to determining that the program defect description is new, creating an event record of the program defect description; computer usable program code configured to extract each word and each phrase of the program defect description in sequential order from the program defect description, wherein the each phrase comprises at least two words; computer usable program code for determining whether the each word and the each phrase are included in a defect dictionary on the defect database; computer usable program code for responsive to locating the each word and the each phrase in the defect dictionary, updating the defect dictionary to include the each word and the each phrase from the program defect description; computer usable program code for responsive to the absence of the each word and the each phrase in the defect dictionary, adding the each word and the each phrase to the defect dictionary; computer usable program code configured to search a plurality of defect databases for the each extracted word and the each extracted phrase; computer usable program code configured to responsive to locating at least one defect database among the plurality of defect databases containing the each word and the each phrase, calculating a final word relevancy percentage for the each word and the each phrase, wherein calculating the final word relevancy percentage for the each word and the each phrase further comprises: computer usable program code configured to calculate an initial word relevancy percentage for the each word and the each phrase within the program defect description, wherein determining the initial word relevancy percentage comprises using a record maintained in the defect dictionary, wherein the record indicates relevancy of the each word and the each phrase, wherein determining the relevancy comprises determining how often users use the each word and the each phrase in the defect descriptions; computer usable program code configured to receive a defect database relevancy ranking table, wherein the defect database relevancy ranking table lists each defect database in the plurality of defect databases, wherein the each defect database listed is associated with a relevancy percentage assigned by the user; computer usable program code configured to receive a program component factor table, wherein the user assigns relevancy percentages to each program component based on relevancy to the program defect description, wherein the each program component comprises a set of components in a program; computer usable program code configured to receive source factor percentages assigned by the user to the defect databases, wherein the source factor percentages are percentages assigned by the user depending on whether the defect databases are open source databases or closed source databases; computer usable program code configured to calculate a final word relevancy percentage for the each extracted word and the each phrase using the initial word relevancy percentage, the defect database relevancy ranking table, the program component factor table, and the source factor percentages in the calculation of the final word relevancy percentage for the each word and the each phrase; and computer usable program code for sending relevant defects and the final word relevancy percentage to a program developer to repair the program defect, wherein the program developer utilizes the relevant defects. 11. The computer program product of claim 9 , further comprising: computer usable program code configured to search a bug tracking application for context information associated with the each word and the each phrase to form word and phrase context information, wherein the word and phrase context information is used to modify a basic word relevancy percentage for the each word and the each phrase.