A knowledge discovery system configured to present global and local context sensitive and efficient augmented content in accordance with multiple criteria, including one or more user's preferences. The system enables one or more registered users to allocate, generate and share augmented content with other registered or unregistered users based on a sharing policy for each user. The system provides a first user the ability to generate augmented content using at least one of the first user's preferences, manual annotation, and profile; and automatically allocate, regenerate, or modify the augmented content generated for the first user using at least one of a designated process, preconfigured preferences of a designated process, preferences of a second user, a profile of a second user, preconfigured preferences of a registered user, and/or preconfigured preferences for an unregistered user. Real-time and theme based content augmentation may also be used to further enhance the user's experience.