ASP.NET Web Deployment/Publish Tool
Compilation and deployment provided in visual studio 2005 is not enough as it doesn’t provided the functionality which developer want. So microsoft itself come up with the utility called Web Deployment Projects. When you install the web deployment, its available in new project wizard. You can make project with that template and set different settings provided in project.
Also, If you get more information on how compilation and deployement works, please read this article.
Also, same site provide utility to compile the ASP.NET 2.0 projects. You can get Compilation & Deployment utility here.
But I would suggest to download Web Deployment Project and use it from next project as it use MS Build configuration and you can build or change the build if you have knowledge of MS build file. You can get more information on MSBuild here.