This is the code Samuel refers to. It is awesome. I use it less and less ;) by which I mean everytime I use it is one less time I ever have to use it.
(define-key ctl-x-map "\C-i" 'endless/ispell-word-then-abbrev)
(defun endless/ispell-word-then-abbrev (p)
"Call `ispell-word'. Then create an abbrev for the correction made.
With prefix P, create local abbrev. Otherwise it will be global."
(interactive "P")
(let ((bef (downcase (or (thing-at-point 'word) ""))) aft)
(call-interactively 'ispell-word)
(setq aft (downcase (or (thing-at-point 'word) "")))
(unless (string= aft bef)
(message "\"%s\" now expands to \"%s\" %sally"
bef aft (if p "loc" "glob"))
(define-abbrev
(if p global-abbrev-table local-abbrev-table)
bef aft))))