.NET is described as a runtime environment featuring the Common Language Runtime (CLR), Common Type System (CTS), and Common Language Specification (CLS), which manage memory and type interactions. Assemblies contain platform-agnostic intermediate language (CIL) and metadata, with tools like JIT compiler converting CIL into machine code. The document also outlines various data types and structures within the .NET framework, emphasizing their roles in object-oriented programming and type management.