Many sites offer some statistics like \"The hottest topics in the last 24h\". For example, Topix.com shows this in its section \"News Trends\". There, you can see the topics
If you simply look at tweets, or status messages to get your topics, you're going to encounter a lot of noise. Even if you remove all stop words. One way to get a better subset of topic candidates is to focus only on tweets/messages that share a URL, and get the keywords from the title of those web pages. And make sure you apply POS tagging to get nouns + noun phrases as well.
Titles of web pages usually are more descriptive and contain words that describe what the page is about. In addition, sharing a web page usually is correlated with sharing news that is breaking (ie if a celebrity like Michael Jackson died, you're going to get a lot of people sharing an article about his death).
I've ran experiments where I only take popular keywords from titles, AND then get the total counts of those keywords across all status messages, and they definitely remove a lot of noise. If you do it this way, you don't need a complex algorith, just do a simple ordering of the keyword frequencies, and you're halfway there.