Problogger had a great article awhile back about Using AdWords Keyword Tool + Google Trends to pick the best keywords for blog titles.
But if you read between the lines it's a cool tip for all kinds of KW research.
AdWord Keyword Tool How to Use it to Hone Post Titles and Choose Blog Topics
If you go about 3/4 down there is a hidden gem for KW research I didn't know about.
"A variation on this is to use another helpful feature in the AdWords Keyword Tool - one that lets you submit text and get suggested keywords from it.
Here’s how to do it. Say you’ve already written a blog post and you’re wanting to choose a title for it. Simply choose the ‘Website content’ option and then the ‘enter your own text in the box below’ option. Then copy and paste the text from your post into the field provided and hit ‘Get keyword ideas’.
The tool will then scan the text suggest keywords that match it - highlighting those which have the most searches. You then can use these keywords as the basis for your post title."
Tip for affiliates - using this idea you could go to lets say an Amazon top seller list and pull some of the copy, plug it in via the method above and maybe find some diamonds that had high volume, low competition. I did it just for a lark and found an electronics product with high search volume that had 0 Adwords ads.