You might be interested in WordNet. It takes a bit of linguistic knowledge to understand the API, but basically the system is a database of meaning-based links between English words, which is more or less what you're searching for. I'm sure I can dig up more information if you want it.
Peter Norvig (director of research at Google) spoke about how they do this at Google (specifically mentioning Google Sets) in a recent Facebook Tech Talk. The idea is that a relatively simple algorithm on a huge dataset (e.g. the entire web) is much better than a complicated algorithm on a small data set.
You could look at Google's n-gram collection as a starting point. You'd start to see what concepts are grouped together. Norvig hinted that internally Google has up to 7-grams for use in things like Google Translate.
If you're more ambitious, you could download all of Wikipedia's articles in the language you desire and create your own n-gram database.
The problem is even more complicated if you just have a single word; check out this recent thesis for more details on word sense disambiguation.
It's not an easy problem, but it is useful as you mentioned. In the end, I think you'll find that a really successful implementation will have arelatively simple algorithm and a whole lot of data.
Good luck!