Master database is system database and it contains information about running server's configuration. When SQL Server 2005 is installed it usually creates master, model, msdb, tempdb resource and distribution system database by default. Only Master database is th one which is absolutely must have database. Without Master database SQL Server cannot be started. This is the reason it is extremely important to backup Master database.
To rebuild the Master database, Run Setup.exe, verify, and repair a SQL Server instance, and rebuild the system databases. This procedure is most often used to rebuild the master database for a corrupted installation of SQL Server.