Twitter: How can I create a set of related hashtags?
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You may be interested in mathematical equations for cluster related things .
Another naive option would be to just see which hashtags often (subjective, I know) appear with a known hashtag and work from there.
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You can use the term extractor in the set of tweets returned by the topic of your choice. For example: get a list of tweets for a search term "Yankee" and use the highlight tool from the set of tweets you have. You can find APIs to retrieve from Yahoo! and AlchemyAPI.
This will establish the important terms used in the tweets and you can use them with the hash to find more related information.
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