System and method for creating, managing and using code segments

A code segment and elements of information ( e . g ., meta information) associated with the code segment are encoded in an XML file. One or more encoded code segments are saved within a library of encoded code segments. An encoded code segment may be selected and inserted into a source code file. When the encoded code is inserted into the source code, associated elements required by the code segment are automatically included and the portions of the code segments that may require modification are identified. The code segments are managed and organized so that sharing of code segments is facilitated.