I found this via Guthrie. On his blog he reviews how to take templates from http://www.opensourcetemplates.org/ and easily make them ASP.NET 2.0 templates in master pages.
refer : http://weblogs.asp.net/scottgu/archive/2007/07/09/vs-2008-nested-master-page-support.aspx
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Regards,
Eric Ramseur
Rainbow Portal 2.0 Admin
community.rainbowportal.net | rainbowportal.net