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This paper introduces WikiOnto: a system that assists in the extraction and modeling of topic ontologies in a semi-automatic manner using a preprocessed document corpus derived from Wikipedia. Based on the Wikipedia XML Corpus, we present a three-tiered framework for extracting topic ontologies in quick time and a modeling environment to refine these ontologies. Using natural language processing (NLP) and other machine learning (ML) techniques along with a very rich document corpus, this system proposes a solution to a task that is generally considered extremely cumbersome. The initial results of the prototype suggest strong potential of the system to become highly successful in ontology extraction and modeling and also inspire further research on extracting ontologies from other semi-structured document corpora as well.