Is it possible to have a defect with high severity..

Priority and Severity are two different entities but when it comes in correlating for setting the status of a bug they both come together into picture. For instance let us take a scenario that you are testing a web page with login form with username and password field. You observe that when you type password its like ordinary text field displaying characters not in * format. Won't you rise that defect as High Priority and High Severity . Yes i do agree that you also can have scenarios like making a High Severity and Low priority bug but not all the time since both the entities are related mostly. Do keep this in mind when you are posting any defect.