The .NET Framework 1.1 Configuration snap in may be added to the Microsoft Management Console (MMC) to to configure assemblies, remoting services, and code access security policy specific to version 1.1 of the .NET Framework. To adjust settings for other versions of the .NET Framework, you’ll need to use the corresponding snap-in for those versions. The following tasks may be performed using this snap-in:

• Manage the Assembly Cache - The assembly cache stores assemblies that are designed to be shared by several applications. You may use the assembly cache to view, add, and remove the managed components that are installed on the local computer.
• Managed Configured Assemblies - Configured assemblies are the set of assemblies from the assembly cache that have an associated set of rules. These rules can determine which version of the assembly gets loaded and the location used to load the assembly.
• Configure Code Access Security Policy - The common language runtime (CLR) uses code access security to control applications' access to protected resources. Assemblies are evaluated and assigned permissions for each application based on factors that include the assembly's origin and author.
• Adjust Remoting Services - You can use the Remoting Services Properties dialog box to adjust communication channels for all applications on the local computer.
• Manage Individual Applications - Applications can have their own sets of configured assemblies and remoting services.

For more information: http://msdn2.microsoft.com/en-us/library/2bc0cxhc(VS.80).aspx