Free Keyword Density Analyzer Tool

Please note that keyword density by itself is not an important measure of relevancy, but using a keyword density analysis tool can make it easier to see what words and phrases are used in your site and that of your competitors.

Search engines may place significant weight on link anchor text and usage data.
The page title is typically weighted more than most any other text on the page.
The meta description, meta keywords tags, comments, and other somewhat hidden inputs may be given less weight than page copy.
Page copy which is bolded, linked, or in a heading tag is likely given greater weighting than normal text.
Weights are relative. If your whole page is in an H1 tag that looks shady, and it does not place more weight on any of the text since all the page copy is in it.
You probably want to avoid doing things like bolding H1 text as it is doubtful it will make a page seem any more relevant.
Lots are queries are a bit random in nature. When people tweak up page copy for an arbitrarily higher keyword density they typically end up removing some of the modifier terms that were helping the page appear relevant for many 3 and 4 word search queries.
When people focus too much on keyword density they tend to write content which people would not be interested in reading or linking at.

Thinking Beyond Keyword Density (ie: it's not 1997 anymore)