Priority:The Importance of defect interm of customer. Ex:High Medium low.
Severity:The seriousness of defect interm of functionality.
Ex:High:Manditory to resolve and urgent.
Medium:Manditory to resolve but not urgent.
low:May or May not to resolve.
Race condition bugs:(High severity).
EX: 1.Hang or dead lock is High priority.
2. wrong order of functionalites.
sudhakar kolla.
If you have doubts can ask me.
My Email:kollasudhakar2005@yahoo.co.in.
My Number:09819859346.