Content and Context Analysis Engine: Some Questions

Hi Folks

What is the fundamental difference between these two kind of analysis. For the sake of simplicity let us consider a piece of text written in English.

As I see it, they are both joined at the hip. Because, to analyse the context of a text we need to know what is being said. And to understand what is being said, context has to be understood. eg I love palm (palm as in hand, palm as in trees, or palm as in the gadget)

What are your thoughts on it?

P.S: Can you give me some links/papers/articles on the algorithm behind these kind of analyses??