Windows SharePoint Services 3.0 features an issues tracking list which allows users to track, assign, and report on issue status. Oftentimes an organization deploying new systems will use an issue tracking list to monitor and report on software bugs or problems. This list can be easily customized into a new application tracking just about any issue your organization deals with.
Watch a Tutorial about the Issues List
In this SharePoint screencast tutorial howto you will learn how to cutomize the issues list.