Delegates and Events can be a bit confusing, especially to Nate's favorite instructor. Personally I do them so seldom that I find I need an example each time I write one. This time I googled and found the following:

All of us have been exposed to event driven programming of some sort or the other. C# adds on value to the often mentioned world of event driven programming by adding support through events and delegates. The emphasis of this article would be to identify what exactly happens when you add an event handler to your common UI controls.

[ Delegates and Events in C# / .NET ]