Sharing Master Pages in Visual Studio
After you have created a set of master pages, you might want to make them available to others, such as other developers creating Web applications in your company. In most cases, you probably do not want other developers to change the master pages. There are several ways you can make your master pages available for reuse.
See microsoft solustion:
http://msdn.microsoft.com/en-us/library/ms404836.aspx