I understand what these signify in the markup of the aspx pages ... but I don\'t not know the full power they can be used for or even the name to denote these special directives
These are code Block tags.
And yes you can wrap serverside code in these tags (examples in C#)
<% if (x = y) { } else { } %>
OR
<% if (x = y) {%> Write this HTML <% } else {%> Write this html <% }%>
There is also
This <%=SomeVar %> Which will out put SomeVar to HTML
<%=SomeVar %>