Difference
Global.asax "a code for responding to application-level events raised by ASP.NET or by HttpModules..".
Application can include only one Global.asax, but also it can use several HttpModules.
Articles on HTTPModule
http://www.15seconds.com/issue/020417.htm
http://geekswithblogs.net/flanakin/articles/ModuleHandlerIntro.aspx
http://www.builderau.com.au/program/dotnet/soa/Extend-ASP-NET-with-HTTP-modules/0,339028399,339284537,00.htm