What is the best way to obtain detailed ownership information on both
publicly traded and private companies through the internet.
For example if i was interested in a company such as Netscape
Communications how would i find out that it is owned by America
online? and who owns America online..etc.etc.?
Does finding this info apply to off shore companies with parent
corporations in the Bahamas, what about government owned companie, or banks?
In short how do i find out using the internet who (or what) owns a
specific company or majority shares.

Your difficulty with this problem will be with jurisdiction. Each
country and US state will have a different procedure for publishing
details of incorporations within them. For example, you could find out
any details of British companies through
http://www.companieshouse.gov.uk, but some states will not have an
internet facility. Therefore in chains such as you describe  it only
takes one break to lose it completely. Good online resources for
information on larger companies are investment journals, business
websites, which can be searched by Google.