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Definitions of each of the options

• None: The file is not included in the project output group and is not compiled in the build process. An example is a text file that contains documentation, such as a Readme file.
• Compile: The file is compiled into the build output. This setting is used for code files.
• Content: Allows you to retrieve a file (in same directory as the assembly) as a stream via Application.GetContentStream(URI). For this method to work, it needs a AssemblyAssociatedContentFile custom attribute which Visual Studio graciously adds when you mark a file as “Content”
• Embedded resource: embeds the file in an exclusive assembly manifest resource.
• Resource (WPF only): embeds the file in a shared (by all files in the assembly with similar setting) assembly manifest resource named AppName.g.resources.
• Page (WPF only): Used to compile a xaml file into baml. The baml is then embedded with the same technique as Resource (i.e. available as `AppName.g.resources)
• ApplicationDefinition (WPF only): Mark the XAML/class file that defines your application. You specify the code-behind with the x:Class=”Namespace.ClassName” and set the startup form/page with StartupUri=”Window1.xaml”
• SplashScreen (WPF only): An image that is marked as SplashScreen is shown automatically when an WPF application loads, and then fades
• DesignData: Compiles XAML viewmodels so that usercontrols can be previewed with sample data in Visual Studio (uses mock types)
• DesignDataWithDesignTimeCreatableTypes: Compiles XAML viewmodels so that usercontrols can be previewed with sample data in Visual Studio (uses actual types)
• EntityDeploy: (Entity Framework): used to deploy the Entity Framework artifacts
• CodeAnalysisDictionary: A XML file containing custom word dictionary for spelling rules

Resources: https://stackoverflow.com/questions/145752/what-are-the-various-build-action-settings-in-visual-studio-project-properties