If u found a splling worngly typed in the home page,it is 
not going to affect the functionality of the application u 
can still work on the application,in this case the 
seviarity is high,bcaz it is compani reputation problem so 
it is given high seviarity and it is not going affect any 
other part of functionality so low priarity. Correct me if 
i am wrong

high severiaty-- in any application the application will be 
crashed with mulitiple use any funcnality for ex add button 
use 200 times. the application will bw crashed so we can 
give high seveiority.low priarity.so there is no need to 
debug it rightnow u can debug it after some days.

Lowest seviriaty and Highest priarity.-- for ex the yahoo 
website spelling is mistake the spell is yaho . so here we 
can give high priarity.because it will affect the site 
name. so we have to give the quick priority. but here we 
can give low seviarity  .the spell change is not going to 
the application crash.

High Severity and Low Priority: If we have found a bug 
regarding any major functionality but at the instant if we 
had postphoned the work to furture then that Bug need not 
be fixed at this intant only. Thus this Bug comes under 
High Severity and Low Priority Bug.

Low Severity and High Priority: If you have found a bug 
that is regarding any Spelling Mistake. For Eg:- If we are 
woking on any application say regarding the HSBC. And if 
there is Tyno in HSBC then this won't affect the 
Functionality. But if there is any Client's Visit etc., 
then this Bug comes under the Low Severity and High 
Priority.

low level bug is also called as cosmetic bug. i.e if there
is change in the spelling or colour mistake then we call it
as low level bug. it will be having low seviority(s1). and
priority is p5(i.e before delivery we can fix the error)

Medium level bug : if there is any mismatch with the
expected and actual values then we call it as medium level
bug, here the seviority is s2. and priority is p4(i.e with
in a week)

High level bug: It is an unexpected error or output, and the
seviority is s3. and priority is p3(i.e with in 2-3 days)


very High or Major level bug: any fatal error or  the module
crashes while running the application we call it as high
level bug. Seviority is s4 and priority is p3(i.e with in a 
day)

Urgent or Critical bug: application crash, seviority is s5
and priority is p1(i.e it has to be fixed with in 2 to 3 
hours )

low severity & high priority: if there is a spelling 
mistake in the home page of the company web site then it is 
of high priority, because it lead to the bad reputation of 
the company name. it is low severity,because it is 
affecting the basic functionality of the site.

high priority & low severity: if we develop a site for 1000 
mailids & if those slots have been registered within first 
2 days then it is of useless for other than first 1000. 
hence it is high priority & it is low severity because it 
is as per its design.

hi
 Hi seviarity is assingned in case of system crash,and 
priority depends on urgancy of removing a defect. There can 
be a situation when u are doing some transaction say 
addition, if after continuous 10000 operations system 
crashes, then it is high seviarity but currently it is not 
showing any stopper to application,so we can assign low 
priority.