Is it possible to split an asp.net web application into sub applications?

I am not sure if I am phrasing the question correctly. I have been unable to find any questions like this on a general Internet search.
I have a web application (not MVC) with a lot of media files in a subfolder. When I publish the web application using "Build > Publish" select the "delete files before publish" so I can make sure that I'm posting it cleanly. I was hoping that I could split the web applications into two components so I can publish each component separately and so save time when I don't need to republish the media files.
Is there a known method to do this? If nobody understands my question, then perhaps the questions asked in response to my question can help me refine my own question. If my question is based on a false premise, then I welcome dialogue to help me based my question on a better premise.
I am using Visual Studio 2010 Ultimate and am publishing to GoDaddy, asp.net version 4.0.