What's the best way to load highly re-used data in a .net web application

public class Global : System.Web.HttpApplication
{
    // The key to use in the rest of the web site to retrieve the list
    public const string ListItemKey = "MyListItemKey";
    // a class to hold your actual values. This can be use with databinding
    public class NameValuePair
    {
        public string Name{get;set;}
        public string Value{get;set;}
        public NameValuePair(string Name, string Value)
        {
            this.Name = Name;
            this.Value = Value;
        }
    }

    protected void Application_Start(object sender, EventArgs e)
    {
        InitializeApplicationVariables();
    }


    protected void InitializeApplicationVariables()
    {
        List<NameValuePair> listItems = new List<NameValuePair>();
        // replace the following code with your data access code and fill in the collection
        listItems.Add( new NameValuePair("Item1", "1"));
        listItems.Add( new NameValuePair("Item2", "2"));
        listItems.Add( new NameValuePair("Item3", "3"));
        // load it in the application object
        Application[ListItemKey] = listItems;
    }
 }

<asp:DropDownList runat="server" ID="ddList" DataTextField="Name" DataValueField="Value"></asp:DropDownList>

protected override void OnPreInit(EventArgs e)
{
    ddList.DataSource = Application[Global.ListItemKey];
    ddList.DataBind();
    base.OnPreInit(e);
}

// Create and load the profile object
x_siteprofile thisprofile = new x_siteprofile(Server.MapPath(String.Concat(config.Path, "templates/")));
Application.Add("SiteProfileX", thisprofile);