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Web Application Project vs Web Site in Visual Studio

Web Application Project vs Web Site
http://vishaljoshi.blogspot.com/2009/08/web-application-project-vs-web-site.html

Converting a Web Site Project to a Web Application Project
http://blogs.msdn.com/b/webdevtools/archive/2009/10/29/converting-a-web-site-project-to-a-web-application-project.aspx