.NET Framework includes essential components such as CLR for executing programs, CTS for data type management, and BCL/FCL for libraries and system functionality. VB.NET and C# are two prominent languages in the .NET ecosystem, with VB.NET being a successor to Visual Basic 6.0 and sharing functional similarities with C#. Windows Forms applications can be developed in VB.NET using Microsoft Visual Studio, which provides tools like a code editor and solution explorer.