CTS,CLS,MSIL keywords...

What is the common type system (CTS)?
The common type system is a rich type system, built into the common language runtime, that supports the types and operations found in most programming languages. The common type system supports the complete implementation of a wide range of programming languages.

What is the Common Language Specification (CLS)?
The Common Language Specification is a set of constructs and constraints that serves as a guide for library writers and compiler writers. It allows libraries to be fully usable from any language supporting the CLS, and for those languages to integrate with each other. The Common Language Specification is a subset of the common type system. The Common Language Specification is also important to application developers who are writing code that will be used by other developers. When developers design publicly accessible APIs following the rules of the CLS, those APIs are easily used from all other programming languages that target the common language runtime.

What is the Microsoft Intermediate Language (MSIL)?
MSIL is the CPU-independent instruction set into which .NET Framework programs are compiled. It contains instructions for loading, storing, initializing, and calling methods on objects. Combined with metadata and the common type system, MSIL allows for true cross-language integration. Prior to execution, MSIL is converted to machine code. It is not interpreted.

What is managed code and managed data?
Managed code is code that is written to target the services of the common language runtime (see What is the Common Language Runtime?). In order to target these services, the code must provide a minimum level of information (metadata) to the runtime. All C#, Visual Basic .NET, and JScript .NET code is managed by default. Visual Studio .NET C++ code is not managed by default, but the compiler can produce managed code by specifying a command-line switch (/CLR). Closely related to managed code is managed data--data that is allocated and de-allocated by the common language runtime's garbage collector. C#, Visual Basic, and JScript .NET data is
managed by default. C# data can, however, be marked as unmanaged through the use of special keywords. Visual Studio .NET C++ data is unmanaged by default (even when using the /CLR switch), but when using Managed Extensions for C++, a class can be marked as managed by using the __gc keyword. As the name suggests, this means that the memory for instances of the class is managed by the garbage collector. In addition, the class becomes a full participating member of the .NET Framework community, with the benefits and restrictions that brings. An example of a benefit is proper interoperability with classes written in other languages (for example, a managed C++ class can inherit from a Visual Basic class). An example of a restriction is that a managed class can only inherit from one base class.