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Describe how a .Net application is compiled and executed.

From the source code, the compiler generates Microsoft Intermediate Language (MSIL) which is further used for the creation of an EXE or DLL. The CLR processes these at runtime. Thus, compiling is the process of generating this MSIL.

The way you do it in .Net is as follows:
Right-click and select Build / Ctrl-Shift-B / Build menu, Build command
F5 - compile and run the application. 
Ctrl+F5 - compile and run the application without debugging. 

 Compilation can be done with Debug or Release configuration. The difference    between these two is that in the debug configuration, only an assembly is    generated without optimization. However, in release complete optimization is    performed without debug symbols.