From long time I was looking after this as curiosity, and now after some google I have understood how this can be done, I will be summarizing points and procedure which is used to create anonymous site by using existing SharePoint web application.This is the scenario which is most useful when you want to use only one content database and have two applications, one application will be working as CMS (Content Management System) and other will be like public facing Internet site. So in such cases content creators, site administrators will be adding /modifying contents and then those will be reflected on public facing site. So let's start by creating a SharePoint Web Application, which we will be using as CMS site
(Note: when you enable Forms Authentication on extended site then you must provide name of Membership Provider and name of Role Provider , for example : you can use ASP.NET OOB membership and role providers but you should have to have membership services configured on SQL Server , this link and this link explains more on this)And you are done.Try browsing this site and enjoy..
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