What this is going to do is create an extended event that will automatically startup when the SQL instance starts and capture all errors recorded that have a severity level greater than 10.
Full documentation on severity levels can be found here but levels 1 through 10 are really just information and you don’t need to worry about them.
I’ve also added in some extra information in the ACTION section (for bits and bobs that aren’t automatically included) and have set the maximum number of files that can be generated to 10, each with a max size of 5MB.
Check it out. At one point, I had created a small WPF application to show me errors that extended events caught. It completely freaked out a developer when I IM’d him and told him how to fix the query he’d just run from the privacy of his cube, with me nowhere to be seen.