I have a custom post I am looking to categorize via a custom taxonomy. The taxonomy itself I want to be dependent on the items of another custom post type. Is it possible to populate a taxonomy via the items of a custom post type, or is it something I have to do manually?
Plugins, snippets, guidance on alternat methods of approach would be greatly appreciated.
EDIT WITH EXAMPLE:
I have a custom post type that basically acts like a page. When I create one, I want it to populate a custom taxonomy with its title. Daniel Dvorkin's answer is the sort of solution I was thinking about.