Is it possible use cluster analysis on word co-occurrences?

Problem: I am unsure if there is an appropriate clustering method to do the following: I wish to group a list of word co-occurrences into their possible clusters.

Context: I have a dataset containing (1) frequencies for the number of times the list of terms appeared in the context of the main term (i.e., conditional probabilities). These were extracted from corpus data. I think I might need another metric to start clustering other than frequency of times the term appeared, or the count of times the word appeared in the context of the keyword. Would anyone be able to provide a source that might explain where to from here?