Word Completion by Association

[googleartist@yahoo.com (Artist)]

Hi I am looking for mechanism which allows me to complete the word
based on association.  Example: I have only 4 words : [artist],
[google], [emacs], [gnu]

then the 'representations'   r , o, m, u should be enough to complete
the above words respectively. Now lets say that we add the word
[glass] in my set. Then 'glass' can be represented by 'l' and if we
add the word [late] it could be represented by 'lt'. It's like
shorthand for emacs or 'auto abbreviation'.

The key is that emacs automatically defines the abbreviations and let
us know.

Is it already  possible?  difficult? possible at all?

Thanks,
artist.