I have created two slide masters in PowerPoint 2002. I can't figure
out how to apply the second master. When using Task Pane and selecting
New Slide, the second master isn't available. How do I select an
alternate master from the Task Pane? Also, is it possible to edit the
location of the PPT default slide master that has bulleted text
to the left and a graphic to the right.

Wordkraft - -

Microsoft’s recommendations when creating a 2nd or different Master
slide are to save it using the following title:
Design Template

Of course you can put additional descriptive material or number your
templates:
Design template 1
Design template financial

Microsoft also notes that you may wish to create a 'Content template'
with certain boilerplate material, such as company background
information or even copyright/confidentiality notices.  Any of these
templates will be an ‘Existing presentation’, available to you when
you start Powerpoint 2002.

Because a Powerpoint presentation is designed to use a SINGLE master,
it’s not possible to go from Master A to Master B as you progress
through a presentation.  Thus you can’t change from one master to
another between slide 5 and slide 6 (for example).

It appears from your question that this is what you’re trying to do:
get a new master applied when 'New Slide' is selected.  It’s just not
possible given the design of Powerpoint.  On occasions when I’ve had
to do that, I’ve created two separate presentations and opened them
both – going back-and-forth between two windows as needed.

However, there are two alternatives open to you: you EDIT change the
master slide itself at any slide.  Here’s how it’s done, from the
Office Assistant directions:
1.	"Display the slide you want to change.
2.	On the Format menu, click Background.
3.	Click the down arrow, and then click an option (for example — click
Fill Effects, and then click Texture or Pattern).
4.	Make the changes you want, and then click Apply. 
Note: Changes you make won't affect other slides or the master unless
you click Apply to All."

A second alternative would be to copy certain slides from a second
presentation, though this is awkward (and the master format may move
or reformat certain material).

All of Powerpoint’s canned master slides are editable, as requested in
your last question.  You can move text, bullets and graphics – just
remember to save the file as a new design template at the START of
editing the template so that your work isn’t lost after Powerpoint has
shut down.

If any of this is unclear, please post a clarification request before
rating this answer.

Best regards,

Omnivorous-GA