Dynamic taxonomies

Is there any way to create dynamic taxonomies from certain data?

For example, one of my content types has location data associated with it. Rather than create a new taxonomy for locations and have to enter a location twice for each node (once for the actual location, once for the taxonomy), I'd like to add a location to the node using the location module, than have it automatically add that location to the taxonomy.
I'd also like to do the same for some price fields I have.

I found the Location Hierarchy module, which seems perfect, but it doesn't have a Drupal 6 version and hasn't been updated in over a year...

Any ideas? Is any of this possible?