How does IIS process an ASP.net request ?

Answer:

When client request for an aspx pages, request comes to kernel level off IIS means to HTTP.SYS . HTTP.SYS receives the request and based on the application pool name [ Which is already registred with the HTTP.SYS ] it send the request to worker process. Windows Activation process works as mediator of them. w3wp.exe loads "aspnet_isapi.dll" files to start the HTTPRuntime . HTTPRuntime creates HTTPApplication objects and all request are passed through HTTPModule and finally reached to HttpHandler . This is the request pipeline. After end of Request pipeline ASP.NET Page lifecycle starts.

For more Information :
http://www.codeproject.com/KB/aspnet/aspnetrequestarchitecture.aspx