master boot record
 

Does linux uses concept of MASTER BOOT RECORD and VOLUME BOOT SECTOR
to load the OS on to memory just like windows 2000???????????

Any normal "PC" uses the MBR---it is the BIOS that hands control to the first sector of the first hard drive (MBR) (after maybe trying the floppy and/or CD).

By "Volume boot sector" I assume you mean the first sector of a partition. I think different OSes use this differently.

Google will find many useful things on this topic---my paltry understanding is the link below in my sig. (Booting and Grub)