Master Pages
ASP.NET master pages allow you to create a consistent layout for the pages in your application. A single master page defines the look and feel and standard behavior that you want for all of the pages (or a group of pages) in your application. You can then create individual content pages that contain the content you want to display. When users request the content pages, they merge with the master page to produce output that combines the layout of the master page with the content from the content page.
Master pages
at run time
For more info how the flow works and for coding refer MSDN site below
http://msdn.microsoft.com/en-us/library/wtxbf3hh.aspx
Web.Config
Web.config is the main settings and configuration file for an ASP.NET web application. The file is an XML document that defines configuration information regarding the web application. The web.config file contains information that control module loading, security configuration, session state configuration, and application language and compilation settings. Web.config files can also contain application specific items such as database connection strings.